Payzone reports a profit of €8.5m on turnover of €222m

12 Jul 2013

Electronic payments company Payzone has reported an increase in profits for 2012, rising to €8.5m from €7.3m the previous year. The company’s turnover was down 5pc to €222.1m from €234.3m the year before last.

Consumer payments network Payzone has a network of more than 2,000 retail agents who process everything from mobile phone top-ups to debit-card transactions, M50 toll payments, Leap travel cards, parking fees and utility cards.

The company employs 100 people in Sandyford, Dublin, and has been at the forefront in terms of developing the e-payments industry, processing more than 50m transactions in Ireland annually in retail, online and mobile phone payments.

“Traditionally, mobile top-ups would have accounted for close to 100pc of our turnover, but this has gradually dropped to the point where mobile top-ups now account for around 50pc of turnover with the balance coming from new business sources in the public and private sectors,” Payzone managing director Jim Deignan said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years