Novatti Group (ASX:NOV) has partnered with Sweden-based PayGround AB to launch an electronic payment product in the Scandinavian market.
The company’s shares were last trading 12.5% higher intra-day, at $0.18.
Novatti is a software technology and payment services provider helping economies, corporations and consumers digitise cash transactions.
PayGround is also a payment platform specialist with a special focus on global mobile payments.
The new agreement has leveraged the strength of these two companies by creating a distinctive electronic voucher payment product for customers and merchants located in Scandinavia.
The product has been launched in Sweden, with Norway and Denmark to follow soon. Finland is to be added in a subsequent phase.
The Flexepin voucher technology will provide customers with a secure and convenient way to make online purchases and/or to load value to their accounts, reducing the threat of online fraud.
The companies are encouraged by the initial reaction from both merchants and customers.
Novatti will receive a service fee on every transaction and the revenues will be dependent on the take-up of the service.
It is expected that this project will open further areas of cooperation for Novatti in the payments market with PayGround.