Payment solutions and transaction processing services company, Net1 UEPS Technologies, announced that it has established a new subsidiary in the United Kingdom called Zazoo Limited (ZAZOO).

Net1 operates payment processors in South Africa and the Republic of Korea, and has a primary listing on the Nasdaq and a secondary listing on the Johannesburg Stock Exchange.

A company statement reveals that ZAZOO would oversee the global expansion of Net1’s mobile payments and value-added services businesses, as well as the mobile solutions business unit based in Johannesburg.

ZAZOO’s management will focus on worldwide growth opportunities, especially in the UK, Europe, the USA, India and other developed and emerging markets, the statement reads.

“Mobile presents one of the greatest untapped opportunities in the payments industry and we believe our mobile technologies and intellectual property are poised to capture these opportunities,” said Dr. Serge Belamant, chairman and chief executive officer of Net1.

Philip Belamant, managing director of ZAZOO added, “ZAZOO is well-positioned to become an exciting global technology company at the forefront of payment solutions, with a range of innovative products.”

“We intend to take Net1’s patented technology solutions to new markets and new clients with London serving as a convenient hub from, which we will coordinate all our global efforts, unlock the value of our products and solutions and build a technology company for the future,” said Belamant.