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NEWS 17 October 2019

MoneyMatrix team: Saturated payments industry provides "both competitors and opportunities"

By Owain Flanders

MoneyMatrix, the payments processing branch of EveryMatrix, provides customers with online payment solutions from its offices in Malta.

Gambling Insider recently caught up with the MoneyMatrix team to discuss changes in the payments industry and the company’s aspirations for 2020.

Interviewees: David Schjelde – CEO, Andrei Beu – Sales Manager, Paul Barclay – Non-executive Chairman.

Do you feel the payments processing industry has changed much in the time you’ve been involved in it?

PB: Thirty years ago when the internet came along, everyone was asking how you make payments online and on mobile. Worldpay was one of the first online payment companies in the world. There were probably two or three global payment companies back then. Fast forward now 30 odd years and regulation has changed. Previously, banks were the only ones permitted to operate online payments; but now non-banks can be payment companies as long as they obtain the appropriate licenses.

Now, the online global payments industry is saturated with payment providers and solutions. These provide both competitors and opportunities, because there are more and more niche local payment methods in a country. Although companies like Worldpay are a global payments company, they will need a good local payments solution in Africa, for example. Local African payment companies will then form a relationship with Worldpay. That’s how the world has changed. There are more partnerships, saturation with local payment methods and also more and more regulation.

What are MoneyMatrix’s targets for 2020?

DS: We are currently evaluating our strategy but we will see if we can tend towards some bigger customers. We’ve actually signed quite a lot of customers up this year but it would be better for us to have a few more of those bigger customers. That being said, one of our most profitable customers started out as one of those small ones and is now really big, so it is of course a gamble that might pay off. We would like to leverage our intensive knowledge of the gaming industry to get a few more of those in.

We are a standalone piece of software however, and can be used by anyone who needs payments online. So we are investigating which business areas outside gaming would be the best to move into. As we are part of EveryMatrix, it comes naturally that we would focus more on gaming initially. As it is right now, our gaming sales force is very strong and that helps us. But we are going to see if we can outdo them by selling ourselves on the side. Inside MoneyMatrix as a company, the gaming focus is not something you will necessarily see.

AB: Of course we are trying to progress as much as possible. The main target is to be able to cater for as many industries as possible. This is something we do now but of course we want to provide even more. We are trying to improve our coverage not only for Europe but worldwide. Then we need to be relevant in the market. We need to be able to compete with the big payment providers and, so far, so good. We have received positive feedback showing we are doing well and people are happy with the product. In the next 12 months, we want to be among the top three, aiming for number one.

PB: We want to become world-class in regards to our products, services and staff. Through training, we want to expand our knowledge all round within the organisation. Also, we will be ensuring we are always focusing on the customer and listening to our new and existing customers to build more solutions. Then we will always ensure the business is in line with high regulatory requirements, both locally and globally.

The MoneyMatrix team was speaking exclusively to Gambling Insider for its Malta Focus magazine. Click here to read the publication when available.

RELATED TAGS: Online | Industry | Feature
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