As the world becomes rapidly more adept to digital payments through the declining use of cash, fintech company Novatti Group (ASX: NOV) has expanded its payments network further across 179 countries by partnering with UnionPay and linking them into Novatti’s infrastructure.
By offering UnionPay as a method of payment to its merchants and customers, Novatti’s China-focused cross-border payments platform is tipped to be a big winner from the partnership with Chinese nationals able to now pay their Australian bills via their UnionPay-linked accounts.
“Through this partnership, Novatti will drive continued growth in our payment processing business, delivering further value from our existing platforms and technology,” said Novatti Managing Director, Peter Cook.
With more than 8.4 billion cards issued globally across 179 countries and regions, UnionPay is accepted by 90% of ATMs and major retailers such as Coles and Target. By accepting direct payment via UnionPay through their platforms, users are able to avoid the physical using an ATM, avoid managing cash and avoid ATM withdrawal and ATM exchange fees.
The partnership further grows Novatti’s large network of digital payment businesses and adds to the fintech’s growing list of Tier 1 partners that already include Visa, Alipay, WeChat Pay, Google Pay, Samsung Pay, Marqeta, and Decta.
As part of the partnership, Novatti’s ChinaPayments platform will be integrated into the UnionPay app will enabling users to directly pay Australian bills in Chinese currency without the need to transact via an Australian bank account. The platform is specifically popular amongst Chinese nationals that can pay their rent, utility bills, phone bills BNPL repayments and student tuition in RMB using just the ChinaPayments platform from anywhere in the world.
For the Quarter ending 30 September 2020, Novatti reported record revenues of $3.46m which represented a 46% increase on the previous corresponding period. The Company has also recently been approved for issuing and managing means of payment in New Zealand and is readying their business automation business for a launch in the United States in 2021.
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