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.
Public PF Quarterly Results
Shopify revenue for 3Q up 45% from last year. The company also announced on Tuesday that it had surpassed one million merchants on its platform. “Our strong results in the quarter were driven in part by the success of our international expansion, which is just one of the many ways we are investing in the platform,” said Amy Shapero, Shopify’s CFO. From Shopify’s 3Q 2019 Earnings Release.
Blackbaud recurring revenue grows nearly 9%. The software provider also said that its new Blackbaud Church Management solution is already serving faith communities in more than half of U.S. states. “The investments we’re making in innovation are delivering tremendous value for our existing customers and we’ve created entirely new product opportunities in our Higher Education and Faith verticals,” said Tony Boor, Blackbaud’s executive vice president and CFO. From Blackbaud’s 3Q 2019 Earnings Release.
PayPal adds nearly 10 million net new active accounts. In its earnings report last week, the payments provider also reported processing 3.1 billion transactions, an increase of 25% year over year. “This quarter we also announced that we will be the first foreign payments platform to be licensed to provide online payment services in China, a very significant development that has the potential to meaningfully expand our addressable market,” Dan Schulman, PayPal’s president and CEO said. From PayPal’s 3Q 2019 Earnings Release.
Is a cashless society feasible in the UK? Almost. Some areas are more primed for cashless than others but overall, a recent report reveals that 83% of Britain could successfully manage should cash disappear completely. And of that 83%, London is the most equipped to go completely cashless, with Northern Ireland seemingly lacking in preparation the most. From Yahoo Finance.
Cash has officially cashed out? According to PayPal CFO John Rainey, the “death of cash” is finally here. And the two main factors responsible for its demise? Rainey attributes it to the digitization of payments first and foremost, followed immediately by the increase in mobile devices. From CNBC.
UAE moves closer to cashless. As a result of multiple government initiatives and a digitally savvy population capable of rapid adoption rates, the UEA is moving even closer to becoming a completely cashless society. Another motivator for faster adoption is projected economic benefit to the marketplace. A recent report estimates a potential $2.2 billion uptick in Dubai’s economy from the increase in cashless alone. From Arabian Business.
Big Brands Getting Bigger
Stripe moves to Mexico. Does this make it a CoDi competitor? Not exactly. Though Stripe showed up three weeks after CoDi launched, they do share different value-adds. Both companies are pushing plastic over pesos, it’s true, but Banixco-backed cobro digital is not yet capable of Stripe’s customer reach. Unlike CoDi, Stripe’s users can conduct digital commerce worldwide. From Bloomberg (subscription required for full article).
UPI is going global. After reaching a landmark goal of 1 billion transaction in October, the India-based platform is looking to expand their reach globally – starting with Singapore and the UAE. The platform also currently holds bragging rights for the fastest adoption rates of any payments system in the world. From The Times of India.