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.
PF Quarterly Earnings
Phreesia grew revenue by 18% during its fiscal first quarter of 2021. The company announced revenue of $33.4 million, up from $28.3 million the previous year. It grew the number of provider clients it serves 5% to 1,632. According to its presentation to investors, the company earns more than 80% of its revenue from subscription fees and payment processing fees. More than 80% of its payment processing fees come from transactions it processes as a PF. From Phreesia.
Big Names in Big Markets
Google and Walmart leading India’s mobile payments providers. Big companies are dominating the mobile payments market in India, with Google and Walmart (which owns PhonePe) on top. Google Pay reported 75 million transacting users last month, while domestic PF Paytm’s userbase is going down. WhatsApp Pay, which is owned by Facebook is still facing regulatory hurdles. From TechCrunch.
Mastercard sees cash as its top competitor in Africa. The company’s strategy for growing financial inclusion there involves supporting micromerchants with a “completely new playbook” than the company has used in places like Europe and the U.S., “built around innovative, interoperable, secure and low-cost platforms,” Raghav Prasad Mastercard’s division president for sub-Saharan Africa, said in an interview. From The Africa Report.
Shopify COO: company would be second largest online retailer if it aggregated all the businesses on its platform. In an interview with CNBC’s Jim Cramer, Shopify COO Harley Finkelstein talked about the tools the company offers to help “level the playing field” for small underserved businesses, beginning with payments. Finkelstein notes that the volume of business on its platform gives it economies of scale and buying power it can put to work for its small merchant customers. From CNBC.
The New Normal
Fintech companies in India are a bright spot in a gloomy economy. Payment and lending companies – including PFs Pine Labs and MobiKwik – expect to hire more than 1,000 people over the next year. An industry survey predicts that the need for professionals in this industry will grow by 42% this year. From Economic Times.