Daniel Lavecky, the 26-year-old CEO of Sydney-based wireless payment technology company Pure Commerce, has a pragmatic approach to retail. "Another way of contacting the customer can only be good," he said. "Wireless is not hype."
According to Lavecky, Pure Commerce provides businesses with the technology to receive payments made via WAP (wireless application protocol)-enabled mobile phones. He said that by using Pure Commerce technology, a retailer could transfer money from a customer's bank account into the retailer's account. The typical time taken to approve a transaction was 10 seconds.
Pure Commerce is paid licence fees, monthly fees and transaction fees. However, these fees are flexible, and depend on the size and frequency of the transaction, he said.
Lavecky said that 95 per cent of Pure Commerce's revenues came from overseas business. However, the relatively small contribution from the local market into the Technology Park-based company's kitty did not represent any reluctance in Australia's uptake of new technologies, he said.
Rather, the global nature of the Pure Commerce technology meant that businesses across the world were just as likely to use the product as businesses in Australia. In fact, Pure Commerce is able to transact in 150 different currencies.
The self-funded and still privately owned company drew revenues of $1 million in its first year of operating. Lavecky explained that company revenues to date had been attracted through partnerships with telcos. In Australia, the company is partnered with Optus, whose network it uses to transmit secure payment data.
In less than three years Lavecky believes revenues will grow tenfold.
Lavecky said his company was considering further equity-raising strategies, including a public listing, although no such decisions had yet been made.