THE global push for a cashless economy has helped propel...

THE global push for a cashless economy has helped propel Brisbane-based EML Payments to the best performing Queensland stock on the ASX 200 over the past year.The payment service provider’s shares skyrocketed 208 per cent to $4.54 in 2019 as it rode a wave of global demand for virtual banking, prepaid and gift cards and online gaming. The stock added a further 6¢ to $4.60 on Thursday, the first day of trading on the ASX 200 for 2020.The company, formerly known as Adept Solutions, has provided transactions worth more than $9 billion in the past year for companies including Bet365, Westfield, Disney and Shell.EML, with a market value of $1.5 billion, was added to the ASX 200 on December 11 replacing Bellamy’s Australia, which is being acquired by China Mengniu Dairy.Chief executive Tom Cregan said the company had achieved record financial results in 2019 with group revenue rising 37 per cent to $97 million and profit increasing 40 per cent to $29.1 million.Mr Cregan, whose direct and indirectly held 17.9 million shares in the company are now worth more than $82 million, said the company had moved from providing basic incentive cards in 2011 to now offering mobile payment systems through Europe, the Middle East, the US and Canada.The company also had gone from employing 55 people in 2015 to now more than 180 people across 21 countries. EML has acquired a string of smaller companies in recent years as it diversified into areas including digital banking and online gaming.In November, EML acquired Prepaid Financial Services (Ireland), a European provider ofdigital payment systems, for $423 million. The acquisition made EML one of the largest fintech enablers in digital banking and prepaid systems globally.