Exhibit 21.1

Euronet Subsidiaries

As of December 31, 2003, the Euronet’s subsidiaries were:

• EFT Services Holding B.V., incorporated in the Netherlands

• Euronet Banktechnikai Szolgaltato Kft. (“Bank Tech”), incorporated in Hungary

• Euronet Adminisztracios Szolgaltato Kft. (“Administrative Services”) (formerly SatComNet), incorporated in Hungary

• Bankomat 24/Euronet Sp. z o.o. (“Bankomat”), incorporated in Poland

• EFT-Usluge d o.o., incorporated in Croatia

• Euronet Services GmbH, incorporated in Germany

• EFT Services France SAS, incorporated in France

• Euronet Services spol. s.r.o., incorporated in the Czech Republic

• Euronet Services SRL, incorporated in Romania

• Euronet USA Inc. (formerly Arkansas Systems, Inc.) (“Euronet USA”) incorporated in Arkansas, United States of America

• EFT Processing Services LLC (“Dash”), incorporated in Arkansas, United States of America (in liquidation)

• Euronet Holding N.V., incorporated in the Netherlands Antilles (in liquidation)

• Euronet EFT Services Hellas, incorporated in Greece

• Euronet Services Private Limited, incorporated in India

• Euronet Services Slovakia, spol. s r.o., incorporated in Slovakia

• Euronet Corporate Services Beograd, d.o.o., incorporated in Serbia-Montenegro

• e-pay Limited, incorporated in England and Wales

• e-pay Holdings Limited, incorporated in England and Wales

• e-pay Australia Pty Ltd, incorporated in New South Wales, Australia

• e-pay Australia Holdings Pty Ltd, incorporated in Victoria, Australia

• e-pay New Zealand Pty Ltd, incorporated in New Zealand

• transact Elektronische Zahlungssysteme GmbH, incorporated in Germany

• Delta Euronet Gmbh, incorporated in Germany

• Cashnet Holding B.V., incorporated in the Netherlands

• PaySpot, Inc., incorporated in Delaware, United States

• Euronet Sigma Nusantara, incorporated in Indonesia, of which 80% of the shares are owned by EFT Services Holdings B.V.

• CashNet Telecommunications Egypt SAE (“CashNet”), an Egyptian company limited by shares, of which 10% of the shares are owned by EFT Services Holdings B.V.

• Europlanet a.d. (“Europlanet”), incorporated in the Federal Republic of Serbia, of which 36% of the shares are owned by Euronet’s wholly owned subsidiary EFT Services Holdings B.V.

• e-pay Malaysia Sdn Bhd, incorporated in Malaysia, of which e-pay Australia owns 40% of the share capital.