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News in-depth: Future of Payments study highlights companies as ones to watch
7 Dec 2011

A UK-based company has been highlighted as a major future player in the electronic payments sector for the years to come.

The Times has published a special supplement looking into how transactions will be carried out as contactless smart card technology improves, with more and more payments made using eMoney and mobile phones as opposed to cash and debit cards.

It examined the activities of a number of companies all over the world and picked out Smart Transactions Group (STG) as 'one to watch' for the UK.

STG was created earlier in 2011 as a result of a £53.3 million merger between sQuid and Applied Card Technologies (ACT) and intends to roll out pre-pay travel purses and more facilities for mobile phone-based payments to benefit consumers.

Commenting on the list of companies it collated, the Times suggested they "could go on to establish themselves as the Googles or PayPals or tomorrow", such is their level of innovation at present.

In particular, the broadsheet highlighted STG as "something of a growing powerhouse in the UK payments market" because it supports as much as 85 per cent of the UK's smart cards and payments, or 500,000 payments and 50 million transit transactions every month.

It was also pointed out that STG was ranked 49th in The Sunday Times 2011 Microsoft Tech Track 100 league table for being among the fastest-growing technology companies in Britain.

The Times concluded by saying that new payment start-ups are "challenging traditional methods of payment" and leading established players to develop new technology in order to push the sector forward.

Commenting at the time of the sQuid and ACT merger, STG spokesperson Peter Matthews said: "By bringing these two proven innovators together we have created a powerful new force in smart payments and ticketing."

ACT was previously known for its successes in transit and tourism payments, while sQuid had provided transaction solutions for a range of retail andeducation clients.

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