Qpay aims at IPO
A company director with IPO experience is needed by QPay, the Brisbane based mobile payments, voice recognition and fraud detection vendor.Yesterday the company announced that Ian Povey, the founder and principal adviser for Cards Consul, will join the Qpay board. However, the 18-month-old start-up is still looking to broaden the skills and experiences of its board, says founder and managing director Greg Walter."Certainly a skill set with IPO experience would be useful," says Walter. "We have surrounded ourselves with IPO experience with KPMG, PwC and our lawyers, but internally we don't have those skills."Certainly Ian coming onto the board strengthens our proposition to achieve our corporate strategy of an IPO within the next two to three years."Walter, formerly an IT specialist with Telstra, says QPay is currently negotiating to sell the security technology to a "major international entity" which would leave QPay with the SMS and voice recognition based mobile payments service.QPay targets institutions in the Philippines, India, Indonesia and Vietnam for sales growth.The QPay mobile payments system focuses on card-not-present transactions. Merchants can advertise a text payment service to encourage impulse buying.