Mobecom Limited: Paid By Coins stepping towards global expansion.

  • Mar 25, 2019 AEDT
  • Team Kalkine
Mobecom Limited: Paid By Coins stepping towards global expansion.

Mobecom Limited (ASX: MBM) is a technology company with a product portfolio that provides customer engagement technology solutions using mobile application online as well as through the social media across a number of industries. It provides liquidity for digital assets majorly through airBux and Paid By Coins.

The company announced that it is actively expanding Paid By Coins which is its crypto exchange platform into new territories. The new Paid By Coins operating companies are already established in Malta and South Africa. Now, they are planning to expand the Paid By Coins business in the SE Asian market starting from Singapore.

In Australia, the Paid By Coins was launched in 2018, and since then a sustained and robust growth is seen in the business. Mobecom strategic focus is on future growth through the rapid global scale for Paid By Coins by replicating the Paid By Coins business model in new regions.

Seeing the potential size of the African market, the company expects a significant increase in the revenue generated through the Paid By Coins business followed by accelerated growth in the new customers for the platform.

There is a demand growth seen in mobile payments and digital banking in Southern Africa. The demand is also high for converting crypto into fiat. Based on this, the company is launching Paid By Coins soon under the non-cash payments limits to capitalize on this growth market as well as leveraging its existing operating presence in the Southern African market. For processing transaction beyond $1,000 threshold, the company will be applying to the local regulatory authorities who will acquire the necessary license as well as meet the necessary KYC and FICA requirements.

One of the leading global cryptocurrency-marketplaces, known by the name Paxful, highlighted that the number of transactions has increased to R948million which is equivalent to A$94 million in a month from the African consumers. Based on this data, Africa at present has the highest number of new subscribers to the portal per month.

In the last one year, the Paxful platform reported an increase in the number of transactions in South Africa by 25%, in Nigeria by 60% and upto 100% in the rest of the parts of Africa. Paxful witnessed a 225% growth in the number of users in the last 12 months. The statistics state that the demand for the cryptocurrency has increased in the age group of 18 years to 30 years particularly.

Further, the average Bitcoin purchase is worth A$87. On the other hand, the average Paxful wallet transaction is nearly A$43.

Marius Reitz, the country manager for Luno Crypto Exchange in South Africa also highlighted that large corporates, as well as the institutions, are also ready to participate in this space. This is an opportunity for Mobecom as these corporates and institutions are showing interest in the bitcoin. It will help the company in driving the growth of its Paid By Coins business in South Africa. Thus, it will be a forward step towards future growth through the rapid global scale for Paid By Coins.

In Australia also, the company’s Paid By Coins business continues to expand on its business-to-business strategy. It has recently entered into a partnership with the Prezzee, which is Australia’s largest gift card site which enables the cryptocurrency holders to purchase e-gift cards online. These consumers can select and buy eGifts Cards from more than 80 most popular merchants in Australia which includes Myers and David Jones, Uber, JB HiFi, Woolworths, Coles and many others.

On 19 March 2019, the company executed an exclusive Liquor City contract.

On 17 January 2019, the company highlighted the completion of the necessary regulatory requirements of “Paid by Coins” to become an AFSL Authorized Representative of Flexewallet Pty Ltd.

Since the stock got listed on ASX, it has generated a return of 320%. However, in the previous six months, the stock has given a negative return of 19.23%. Today, the stock has reported a fall in its share price by 4.762%. It is currently trading at A$0.100 (AEST: 3:30 pm, 25 March 2019). The company has a market capitalization of A$23.37 million.


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