New Zealand-based prepaid solutions provider SmartPay has revealed that it is to take a 35% investment in Card Processing Services as it looks to strategically expand its business operations.

<p>Card Processing Services (CPSL) was established by a group of private investors to manage back office transaction processing, data management and payment systems – businesses closely aligned to SmartPay&#0039;s existing operations. <br /><br />SmartPay believes that its stake purchase will allow it to expand its scope of business in New Zealand as electronic transaction processing is a growing industry in the country. Meanwhile, there are also excellent growth prospects in other areas within payment infrastructures, both in the private and public sectors, including potentially high volume numbers through retail transaction systems and the internet.<br /><br />Payment systems should be presented to offer the consumer various loyalty benefits as well as deliver new efficiencies, costs and time savings, comments SmartPay chief executive, Linc Burgess. New Zealand is well known for its acceptance of new technologies. Payment models are adaptable in terms of who charges who and how they are billed. <br /><br />Mr Burgess said SmartPay would nominate two people to the board of CPSL.<br /></p>