Gilles Moro (EMP Corp): current and future payments
Gilles Moro, Founder and CEO of EMP Corp, believes that the dematerialisation of cash represents the future of financial transactions. EMP Corp continues to grow with the recent acquisition of a payment platform, as he explains in this interview.
How is EMP Corp evolving?
EMP Corp acquired Syspay Ltd, a E-money Licence company based in Malta but with a European passport, in 2018. This has enabled us to expand our business: we already had payment services in online gaming and e-commerce and we added hospitality (focusing on 3- to 5-star hotels) and rental agencies such as Airbnb. EMP Corp invested heavily in 2019, particularly in terms of restructuring our teams; today we have a very well organised and profitable group, with a transaction volume of € 300 million and a team of 45 people. Everything is in place to accelerate our growth from this base. We are targeting half a billion euros in 2021 and are also continuing our efforts to obtain a licence in Luxembourg.
“Our strategy is to become an E-wallet Company, Mobile and crypto oriented.”
How do you see e-payment developing in the coming years?
We foresee the disappearance of cash, plastic cards and POS (points of sale). Everything is moving towards mobile and e-wallet, within a maximum predicted horizon of 10 years. Our strategy is to become an e-wallet specialist, with a focus on mobile and crypto. At present, every development within the company is moving in this direction. Today, funds for our e-wallet can be provided by credit card. Tomorrow, it will be reloadable in any fashion, including bank transfer, instant payment and, of course, crypto options such as Bitcoin, Ripple and Etherium. In Asian countries, crypto transactions are already on the rise, with Bitcoin largely leading the way. In Africa, where many users do not have a Visa/Mastercard, the transition is made directly from cash to crypto. Some banks are already offering solutions which enable me to go to an ATM, enter my mobile number on the machine and automatically activate an app on my mobile, allowing strong authentication. The ATM gives me money without a plastic card! What’s more, the company Keplerk has just completed a major campaign to promote its Bitcoin sales activities in French tobacconists. This type of scenario is no longer science fiction: it’s already happening! Banking is becoming more and more complex in terms of compliance so crypto is an ideal solution, but we are all still in a learning phase: Bitcoin is only 10 years old and the banking sector is barely 200 years old.
What will be the universal means of payment?
Crypto or e-wallet. The latter takes the form of an online or offline virtual account linked to your bank account. Your mobile phone serves as a key and dialogue interface. To take things one step further, EMP Corp has developed the first “IN-wallet”: a personal digital payment exchange which enables you to centralise all your online and offline payments. For example, existing Wallet is part of the e-wallet: you can use it online or offline, but it can only be topped-up by credit card or bank transfer. Our In-wallet can be reloaded in multiple ways and could directly credit your Facebook, Amazon or PayPal account. Crypto is succeeding in imposing itself on the market. Libra is experiencing some difficulties but I think that it lacks a universal element on top which would allow it to work everywhere. Our challenge is to migrate the e-wallet towards the In-wallet: I log on to the merchant site and organise the payment, then I later log on at home and credit the site. We want to be part of this major evolution.