Electronic payment company Net1 has recorded a 24 percent increase in revenue this quarter over the same period last year.

The figures demonstrate success despite disruptions in the financial markets and concerns about a weakening global economy, said Net1 Chairman and CEO Serge Belamant.

Revenue rose to 530 million South African rand (US$51.4 million) from 429 million rand a year ago, while net income rose by 60 percent to 204 million rand from 127 million rand.

The NASDAQ-listed company, which debuted on the Johannesburg Stock Exchange this year, saw basic earnings per share rise by 59 percent to 3.57 rand from 2.24 rand.

"The company maintained an outlook of 15 percent fundamental earnings per share growth on a constant currency basis for fiscal 2009," said Net1 chief financial officer Herman Kotzé.

Net1 develops and operates electronic payment technologies to deliver grants and wage payments, and to enable consumers to pay their bills through systems such as Easy Pay.

The company has a South African subsidiary, Prism, which develops secure online transaction technologies for e-commerce. The payment system uses secure smart cards that operate offline, allowing users to transact at any time, even in remote areas, as long as a portable card reader is available.

The company's payment systems target developing economies and the unbanked population of 4 billion.