PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
PAR Technology saw a 10.6% increase in revenue for the fourth quarter of 2020 over the same period in 2019. The payment facilitator’s revenues were up 14.2% for the year. “Throughout 2020, we sustained our revenue growth, while maintaining a strong focus on investment, all the while managing the impact of the pandemic. We accelerated our investments in people, internal product development, customer service and more recently, sales. These important investments are necessary to build upon our compelling competitive advantages in enterprise restaurants,” said Savneet Singh, PAR Technology CEO and president. From PAR Technology.
Total payments volume for payment facilitator Nuvei increased 53% year over year during the fourth quarter of 2020. Its revenue for the quarter increased 46% to $115.9 million. “Our performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable, and feature-rich technology platform, which provides one of the industry’s most complete payment technology solutions going well beyond merchant acquiring,” said Philip Fayer, Nuvei chairman and CEO. From Nuvei.
The percentage of businesses in the U.S. that are cashless (accepting more than 95% of their payments using cashless methods) has more than doubled since before the pandemic. That is according to a new report from Square, which is the latest in a series examining the progress toward a cashless society. Between February 2020 and February 2021, the share of cash transactions decreased from 37.4% to 30.5%, and the share of Square sellers that are cashless jumped from 6.3% to 14%, the company said. From Square.
London-based payment facilitator SumUp has raised about $895 million in financing to expand its business through acquisitions, launching in new markets in Europe, Latin America and Asia, and building out its suite of products. The company continues to get most of its revenue from transaction processing, so it’s focused on growing transaction rates rather than moving into offering more financial services. Because the funds are debt, there is no company valuation attached to the announcement. From TechCrunch.
Nigerian PF Flutterwave has partnered with PayPal to enable customers globally to pay African merchants using PayPal. While PayPal already operates within Africa, in most countries there it only allows users to send money, rather than receive it. An integration between the two companies will allow merchants to add PayPal as a payment option for transactions from customers outside Africa. From TechCrunch.
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