Technocash - Overview
I am proud to have been a founder and managing director of Technocash Ltd. The other founder and director was Raymond Pakalns who was instrumental in developing the Technocash system.
Technocash started as an idea - can we build a cash payment system for the internet in 1999?
Commonwealth Government Grant
I was living on the Gold Coast at the time and applied for a Comet grant from the Commonwealth government. The grant was approved and Technocash received a grant of around $94,000.
Technocash signed up Australia Post as a distribution agent of its online system in 2000.
“Use over 3,300 Australia Post branches to have customers send you money all around Australia. There is no need to open an Australian bank account for you to access Australia Post services through Technocash.”
AusIndustry Certificate of Achievement
Technocash was a totally online payment system. It was recognised by an AusIndustry Certificate of Achievement for “inspiration in creating Australia’s only on-line non credit payment system”.
Essentially, Technocash was one of Australia’s first innovative fintech companies.
The innovative Technocash system allowed verified customers to access many different currencies such as USD, AUD, EUR etc in the one online account. Customers could convert easily from one currency to another online with full transaction reporting.
Please see this YouTube video that explains it further.
Technocash’s annual volume of transactions had reached around $300 Million.
Revenues and Profits
A brief summary of Technocash’s audited revenues and profits were:
2012 Gross Revenues $2,014,292 After Tax Profits $298,070
2011 Gross Revenues $1,619,771 After Tax Profits $198,779
Electronic Transfer Code of Conduct
Technocash was a voluntary member of the Electronic Transfer Code of Conduct. Technocash was mentioned in an ASIC review of the EFT Code in 2007 on page 16:
“Online payment facilitators/intermediaries
2.15 One somewhat new development in the online payments context has been the emergence of entities that facilitate secure consumer payments in the online environment. Examples include the PayPal, Paymate and Technocash systems."
Technocash was regulated by the Australian Government.
Technocash was licensed by ASIC as an Australian Financial Services Licensee (AFSL No. 247299).
Technocash was a member of the Financial Ombudsman Service.
Technocash reported financial transactions to AUSTRAC.
Close of Business
Technocash closed business operations in 2013 due to international factors beyond its control. This was a force majeure event - something you think will never happen to you yet sometimes it does.