GFG GROUP - NEWS ARCHIVES - 2007
Mobile payments software creates worldwide interest
01 March 2007 - reprinted with the kind permission of insideretailing.com.au
New Zealand payments software company GFG Group says interest is growing among telecommunications around the world in its groundbreaking mobile payments software.
GFG's software allows payments to be made securely from a mobile phone in the same way as a credit or EFTPOS card. Originally developed for Philippines mobile telecommunications company Smart Communications, the software is now being introduced in other countries.
An early sale was to Vodafone New Zealand for its first point of entry into electronic mobile payments. Vodafone's Hotlink service allows customers to use mobile phones to top up prepay or account balances directly from a nominated bank account.
Last year, GFG made a major sale to a consortium of North American telecommunications companies in a deal which GFG marketing manager Marie Tamplin said was worth millions of dollars. Other sales are being finalised with leading telecommunications companies based in Dubai and Delhi, with growing interest from other parts of Asia.
Rising interest in the software is credited to GFG's breakthrough in converging mobile phone technology with its established cards-based payments software - creating, in effect, a virtual bank account operated via a mobile phone. This means economies with few fixed line telephone networks and low use of bank accounts can provide people with access to banking-level payment capability through their mobile phone.
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