Moreover, he noted that while the digital revenue represents only 3% of its USD5.6bn revenue, it is the fastest growing. The company plans to invest in new technology and seek opportunities for growth in the African market to reach its goal. Cutting prices is also on the agenda.
“Africa is one of our strongest markets, especially Nigeria,” Ersek said. “Nigeria is at the forefront of our expansion plans.”
However, Ersek said he did not expect any major acquisitions after the USD970 million deal with Travelex two years ago, but could consider targets within the USD100 million to USD200 million mark, if they support its existing transfer business.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.