LONDON (Alliance News) - FairFX Group PLC, which uses a cloud-based peer-to-peer payments platform to support foreign currency payments for both retail and business customers, on Wednesday said it has introduced its new mobile app ahead of schedule and in time for a marketing campaign set to start in June.
The new mobile app, for both iOS & Android, provides a second route for FairFX to sign up new customers. In the past, customers were acquired only through FairFX's website.
With more customers using mobile as their primary way of carrying out retail transactions, FairFX expects the mobile app to result in a "step-change" in customer acquisition.
"The new mobile app is another example of our commitment to investing in the platform and improving customer experience. Crucially, because we can now acquire customers via the app, this is in place for the launch of the summer marketing campaign, which includes an updated TV advert and targeted digital marketing initiatives," Chief Executive Officer Ian Strafford-Taylor said in a statement.
Work to improve the company's website is in "advanced" stages, FairFX said, with plans to go live before its TV campaign gets underway on June 6. With more time devoted to explaining the product in FairFX's new TV commercial, coupled with the new mobile app and website improvements, the company hopes to attract more visitors and the number converted into customers.
Strafford-Taylor said FairFX is "well positioned" to continue its "strong" growth. The company said the "positive momentum" towards the end of the first quarter of 2016 and in early April has continued, even though uncertainty surrounding the UK's referendum on whether to remain a member of the EU or leave has hit some travel-related businesses. Holidaymakers use FairFX's site for their currency requirements.
Retail card loads and spending on a year-to-date basis are both running ahead of 2015, FairFX said. For the retail business overall, the week ended May 22 was a "record" for the year in terms of turnover, the company said, reaching a level not seen since July 2015.
The corporate business has also continued to experience "good levels" of growth, according to FairFX, which expects it to benefit from platform improvements due to be made in the second half.
Shares in FairFX were untraded on Wednesday, having last traded at 32.00 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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