New Zealand payments software company GFG Group is flourishing on the back of global demand for its leading-edge technology that gives access to banking-level payment capability through a mobile phone.

GFG’s software allows payments to be made securely from a mobile phone in the same way as a credit or EFTPOS card. By converging mobile phone technology with its established cards-based payments software, GFG has effectively created a virtual bank account that can be operated via a mobile phone.

The technology is being sold to telecommunications companies in economies such as North America, responding to demand from customers for payments to be made any time, anywhere. Other sales have been made in Asia and the Middle East.

GFG Group has more than 50 customers worldwide and turnover of between NZ$10 million and NZ$20 million. Revenue in the 2006 financial year was up more than 50%

GFG Group also sees big opportunities for using mobile phones to deliver microfinancing — small loans offered development agencies and the like — to help individuals break out of the poverty cycle. Difficulty in accessing the loans, which has traditionally been one of the stumbling blocks of microfinancing, could be solved with GFG Group’s mobile phone technology.

 

Back to top