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Telstra spends half a billion on e-commerce investment

By Phil Boeyen, ShareChat Business News Editor

Friday 21st July 2000

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Telstra is taking a 51% stake in Australian electronic and smartcard tech company, Keycorp.

The Aussie telco will be paying around A$515 million for 38.7 million shares, a price of A$13.30 per share.

Telstra and Keycorp say they plan to build a "global full service end-to-end Internet payments service provision business".

The companies say they currently provide complementary services, but separately.

For example Keycorp has Point of Sale (POS) devices, smartcard capabilities and e-commerce payment gateways while Telstra provides network carriage of EFTPOS transactions and POS Installation and Maintenance services.

Keycorp says by combining its services with Telstra's it will be able to offer additional products to its customers at better prices. It will also be able to offer services such as web based payment and loyalty and customer relationship management over existing communications lines.

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