Novatti payment processing revenue up 67% as COVID-19 sends world cashless

Australian fintech company Novatti Group (ASX: NOV) has reported a 67% rise in revenues from their payments processing business, a record for the company which has seen heightened activity amidst coronavirus lockdowns as businesses turn to digital payment solutions.

For the quarter ending 31 March 2020, Novatti’s $1.72 million (unaudited) in payment processing revenue represented a 67% increase on the corresponding 2019 period ($1.03m). It was the company’s fifth successive quarter of revenue growth in their payments processing business despite the global economic downturn prompted by COVID-19.

“Processing is a key pillar of growth for Novatti,” said Novatti Managing Director and CEO, Peter Cook.

“Even during the challenges of COVID-19, we are providing our customers with innovative ways to create efficiencies in their businesses, such as payment automation, and in turn, we are creating avenues for Novatti’s future growth.”

Within their payments processing business, Novatti facilitates international transactions, has partnered with WeChat Pay and AliPay (two of China’s largest online platforms), and has been granted a Visa Principal Issuer License by Visa Inc, enabling the company to issue prepaid VISA cards.

Being one of the rare businesses to see a rise in revenue over the past few months, the coronavirus pandemic has sped up the global transition towards cashless economies. This has been highlighted by travel restrictions and lockdown laws which have seen a significant number of brick-and-mortar businesses move their operations online.

Combined with the global shift towards employees working from home, digital payment solutions like those provided by Novatti have played a major role in reducing economic disruption enabling many businesses to continue operating in the digital space.

To read more, please click on the link below…

Source: Novatti payment processing revenue up 67% as COVID-19 sends world cashless – The Sentiment