The agreement will see Net1 invest US$40 million in the startup over the next 24 months.
Also, the agreement allows Net1 to integrate its Virtual Card technology across all MobiKwik wallets in order to provide ubiquity across all merchants in India.
“Our strategic investment in MobiKwik provides us with meaningful participation in one of the largest and fastest growing digital payment markets globally,” said Serge Belamant, Chairman and CEO of Net1.
He added,“We are excited to partner with one of India’s most utilized and recognized digital platforms, through which we can introduce our products and services.”
The investment, among other things, will help to support efforts aimed at improving bilateral relations between India and South Africa in trade and investment.