Payment Processing Revenue Driving Novatti’s Growth

Australia Investing

The digital wallet and payment software company has sped up commercialization in billing, remittance and cross-border processing services.

Novatti (ASX:NOV), a payments technology company, announced a 32 percent uptick in revenue growth, reaching AU$2.47 million for the quarter, in its most recent earnings report.

Additionally, the company’s cash position grew to AU$2.5 million. During the quarter, the company received a license from Visa (NYSE:V) to issue prepaid Visa cards, a milestone within the AU$29 billion prepaid Visa market as it continues to commercialize its payment products.

As quoted in the press release:

Total revenue was $2.47m for the September quarter, up 32% from the corresponding quarter last year, which augurs well for another year of strong growth.
Payment processing revenue grew by 31% to $1.16m over the corresponding quarter last year. With the ongoing commercialisation of new products and services focussing on large market opportunities, payment processing revenue is expected to continue to grow strongly in FY20.

Click here to read the full press release.

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