IP Payments hopes to acquire credit card payments as an extension of its payment processing solutions for merchants.Jamie Collins, managing director of IP Payments, said the company was yet to set a date to launch its new business line.The Australian Prudential Regulation Authority gave in-principle approval to IP Payments to become a specialist credit card institution in mid-2012."We're still going through the process of how to best implement the licence," Collins said.The company may also have to raise additional capital to support the licence, but Collins declined to say how much. The shareholders are the founders of the company and private professional investors."The commercial reason [for seeking the licence] is potentially to offer an extra product."For particular industries it allows us to offer a broader service to clients, if that's what they require."It will also support better governance and risk management."IP Payments is strong in the field of rental payments' processing and markets' e-commerce solutions, including mobile payments. It also provides bill presentment and payments products.Business is pretty brisk for IP Payments, with growth of 35 per cent a year."We're profitable and cash flow positive," Collins said."We're finding the market very perky.""What the market would like to know from us is that we will come in and provide a comprehensive real alternative to the banks, offering an acquiring capability but also the technology with it."IP Payments is one of 16 payment service providers offering MasterCard's MasterPass digital wallet service to their merchant customers.