Purely wireless payments in 10 seconds

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.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Byron Kaye

PC World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?