New Zealand-owned payments system vendor GFG Group has launched an outsourced credit and debit card service into Australia.
The initial customer is CIT Group (Australia), a subsidiary of global finance and leasing giant CIT Group, a Fortune 500 company.
GFG Group chairman Ralph Green says the new service, called GFG Utility, has been launched in partnership with Fujitsu, which will provide the secure, high-bandwidth infrastructure on which GFG’s UniCARD software will run.
UniCARD is an established credit and debit card issuing and acquiring system with more than 50 customers in 40 countries. New Zealand customers include ASB Bank.
Green says the company is building up its business thrust in Australia as a primary market.
“Second and third-tier finanical institutions are looking for solutions but the ‘giants’ look slightly down their noses at these smaller organisations. Existing card services in Australia are slow, unwieldy, inflexible and priced beyond a large segment of the market,” he says.
CIT has a strong presence throughout Asia, and Green says there is an expectation GFG will be asked to roll out its system in multiple places. GFG has branches in Singapore and the Philippines.
The outsourced Australian service will be housed in Sydney. “We expect to announce several more deals in Australia within the next few months,” Green says.
The company is currently in hiring mode in Australia. It now has more than 50 staff and, says Green, doubled its revenue in the financial year to March 31. He expects revenue to increase by 50% this financial year.
GFG has also supplied its mobile payments product to Vodafone in New Zealand. Green says Vodafone is interested in rolling the product out in other countries. Europe is a likely candidate because the Simpay mobile marketing initiative there recently folded and the major operators are looking for a replacement.