MasterCard doesn’t seem to be set on remaining the world’s 2nd largest payment processing network for credit cards and debit cards. They have announced that they will be buying DataCash Group Plc for 333 million pounds, which is equal to $520.81 million dollars based on current exchange rates.

DataCash is a UK based internet credit card processor. Their stock had risen 52.564% for the day at the time this article was written.

The deal will now increase MasterCard’s ability to process online credit card payments more efficiently and at a greater quantity, especially in Europe. It should bring them closer to competing with internet payment processor PayPal, in changing times, when internet purchases are becoming extremely popular.

The deal comes 4 months after competitor, and the worlds number 1 credit card processing network, Visa reached a $2 billion deal with CyberSource Corp. CyberSource is an online payment processor as well.

DataCash Chairman Ashley Head said. “The acquisition represents a significant premium of 65.1 percent over the average closing price of DataCash for the last six months and represents an opportunity for investors today to realise the potential benefits of the combination.”

Ashley Head owns the majority of the company (over 40%), and his stake is valued at over $225 million.