Wirecard acquires South African payment service provider MyGate
Wirecard AG, a global software and IT specialist for outsourcing and white label solutions for payment processing and issuing products, has announced that it has acquired 100% of MyGate Communications (Pty) Ltd (My Gate), a South African payments service provider (PSP).
The company operates one of Africa’s largest and fastest growing online payment gateways and was recently voted the best online payment gateway in Africa in 2016.
MyGate enables merchants across Africa to accept a wide range of different e-commerce payment options, in particular online card payments, thereby helping them to serve millions of African consumers. MyGate is linked to the leading acquiring banks in Africa. The company currently employs 21 employees.
The acquired PSP business along with its integration into Africa’s leading acquiring banks and the Visa network offers enormous value added for Wirecard’s regional product portfolio and supplements the existing product portfolio offered by our subsidiary Wirecard South Africa.
This merger speeds up Wirecard’s expansion into Africa’s international markets and offers further potential to leverage synergies. In future, African merchants will receive a comprehensive payment solution along the entire value-added chain from a single source. Wirecard’s innovative IP-based payment and risk management technology will greatly benefit the acquired PSP business, which, in turn, is expected to be expanded with additional value-added services.
