SmartPay buys code to open avenues for competition

Electronic payment company SmartPay has bought intellectual property rights and source code for the software it uses from the software's Malaysian developer.

The acquisition included software used for prepaid top-ups, prepaid payments, and for gift card and voucher-based systems, including ones that could be used on the internet, SmartPay said yesterday.

SmartPay could now openly compete with the Malaysian developer, Cardtrend, in New Zealand and internationally.