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Ukash Supported by Two New Investors
by:Danielle Almond
Wednesday, October 01, 2008
Ukash has secured investment from two new groups, Blue Label Telecoms and DataCash. Blue Label Telecoms is based in South Africa and will be investing in Ukash via it’s subsidiary Gold Label investments and DataCash is an AIM Listed payment service provider.
Ukash was first released in 2005 and since then has become a globally recognised method of payment. Ukash enables consumers to make on-line purchases in a secure manner with their good reputation for security against credit card fraud and identity theft. Since its launch, Ukash has seen a rapid rate of growth with online cash transactions growing at a rate of 257 percent from 2006-7 to 2007-8. It is not just Ukash benefiting from the huge surge in alternative online payments—it is currently estimated that by 2012 online payments will reach $106 billion in total.
Ukash uses superior proprietary technology, which can be expanded beyond the on-line payments world to include international money transfer. Mark Chrinside, CEO of Ukash, said, “This investment is a testament to the growth potential for alternative payment methods across the world. It is very exciting for all parties.”
Blue Label Telecoms is a leading distributor of prepaid secure electronic tokens of value and transactional services. They have built a global distribution network including emerging markets such as South Africa, sub-Saharan Africa and India as well as in selected markets in Ireland and Greece. They have also recently announced a joint venture in Latin America.
DataCash is also a leader in the market of payment processing solutions. They provide a single interface allowing merchants to process secure payments on and offline anywhere in the world. DataCash also provides risk-management solutions together with traditional rules-based screening.
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