SmartPay takes 35 per cent of Card Processing

Electronic payment company SmartPay has announced a second development in its business within a week.

Today it said it was taking a 35 per cent investment in Card Processing Services, which was established by a group of private investors to manage back office transaction processing, data management and payment systems.

Those businesses were closely aligned to SmartPay's existing operations.

Electronic transaction processing was a growth industry, with the banking industry's two networks currently providing the majority of these services, SmartPay said.

Last Monday SmartPay announced it had bought the software and source code used by the company from its Malaysia-based owner.

SmartPay shares last traded on Friday at 6.8c, having traded between 8.9c and 4c in the past year.

- NZPA