Apple has joined the global network being assembled by digital payments company Novatti Group (ASX: NOV) which will enable individuals with Novatti-issued Visa cards to make payments through their Apple wallet and devices.
Having been granted a Principal Issuer Licence by Visa in September 2019, Novatti has been issuing both physical and digital Visa cards for its clients in Australia while having earlier in the week also been approved to do so in New Zealand.
Through this partnership with Apple, anyone with a Novatti-issued Visa card can link it to Apple Pay, bringing Novatti in line with Visa cards issued by Australia’s big four banks.
“By partnering with Apple Pay, Novatti is providing its clients with even greater flexibility and coverage in their choice of mobile device, and therefore, the opportunity for Novatti’s platforms to scale further,” said Novatti Managing Director, Peter Cook.
“By increasing the reach of Novatti’s Visa Prepaid cards, we aim to drive further card issuing and transaction revenue.”
Alongside securing their licence to issue Visa cards, Novatti has reported six consecutive quarters of record revenue which included $3.56m for the quarter ending 30 September 2020 where they processed more than $2.3 billion in annual transaction volumes.
Within Novatti Group, the Company generates revenue through various sources where their issuing division secures fees on cards issued while other divisions are driven by software subscription revenue or a clip on transactions.
By making their cards more accessible to individuals making digital payments at a time when cash usage is rapidly declining, Novatti has flagged 2021 as a year of international expansion having significantly increased their service capabilities in the past three months through partnerships with Google, Samsung, UnionPay and Ripple.
Novatti is expected to report their December quarter results next week and investors can join their mailing list here.
*Owners of this website are NOV shareholders