Another digital payments business live as Novatti reports $5.3m quarterly sales record
As more of the global population transitions towards a cashless society, fintech company Novatti Group’s (ASX: NOV) newest digital payments business – a merchant acquiring division, is now live, in what was a record-breaking September quarter for the company.
The merchant acquiring business has been on Novatti’s agenda for the past 12 months and is in response to the rising number of businesses taking instant payments online. Through Novatti’s merchant acquiring service, eCommerce businesses are able to accept customer payments through credit cards or debit cards instantly, as well as mediums such as Alipay and WeChat Pay with Novatti taking a small fee along the way.
While the acquiring service is live and generating revenue, it was just one digital payments division within Novatti that contributed to the record-breaking sales revenue.
“The September quarter saw Novatti take another leap forward on its growth journey. Our existing business operations continue to generate strong growth, with quarterly sales revenue of $5.3m, up 49% year-on-year and breaking through the $5m mark for the first time,” said Novatti Managing Director, Peter Cook.
“We have expanded our presence in the EU market with the launch of Verv, providing new payment services and we expanded our partnership with Ripple into Thailand, having launched in the Philippines earlier in the year.
“It’s been an incredibly busy quarter but we remain absolutely focused on fulfilling our growth strategy going forward to deliver long-term growth for our shareholders.”
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Source: Another digital payments business live as Novatti reports $5.3m quarterly sales record – The Sentiment