Home Your Tech Mobility Market Card, mobile convergence business drives GFG Group growth

Card, mobile convergence business drives GFG Group growth

New Zealand-based electronic payment solutions and services company, GFG Group has achieved strong revenue and profit growth for the 2012 financial year ending in March, on the back of investment in its card and mobile convergence strategy and the signing of 32 new customers across all regions, including in key target markets of South East Asia, Africa and the Middle East.  

GFG Group Executive Director Dennis Row said revenue increased by 15 percent, with profit before tax (EBITDA) of 10 percent of.  “The results are in line with expectations. Over the last two years we’ve focussed on building stability and consistency in the company.  Our results show we’ve achieved that – this year we’re pleased to report consistent and profitable growth for GFG Group.  This is a direct result of continued investment in the company, and of focussing on executing our card and mobile convergence strategy.”

According to Row, sales were strong across each of GFG’s three main product lines - Cadencie (card payments), Simfonie (mobile payments) and its FINsim testing tool - with new FINsim customers including a “highly strategic sale to Indonesia’s market leading and largest electronic payment services network, Artajasa.”

Row said growth was forecast to continue through the 2013 financial year, with market demand for convergent card and mobile payment solutions strong and intensifying.  “This demand, along with the rapid uptake of mobile payments and mobile banking, is driving GFG Group’s card and mobile convergence strategy.”

“Demand for complete, integrated card and mobile payments solutions has seen GFG Group evolve from a specialist payments consultancy into a well-rounded electronic payments solutions provider,” Row says.  

“We have traditionally had good success with our entire solution set, encompassing proven card and mobile payment solutions, as well as testing.  We’re now capitalising on this platform by delivering robust, secure, end-to-end payment solutions spanning all mobile devices and card types.”

Row said the convergence of card and mobile would remain a key focus GFG, and the company would continue to execute its mobile and card convergence strategy around the market’s uptake of mobile payments and mobile banking.  “We have a significant competitive advantage in our ability to provide bank-grade convergent card and mobile payment solutions for both developed and emerging markets. We will be working with key strategic partners in our target markets to do that.”


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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).