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.
USA Technologies, a PF serving the self-service retail market, reported results for its fiscal year 2020 last week. The company reported a 15.2% decrease in fourth quarter revenue year over year, to $32.6 million. Its annual revenue increased 12.9% year over year to $163.2 million. The company added 3,600 new customers during this fiscal year. “Despite the fact that COVID-19 is still having an impact, we have been able to control costs, and make organizational and operational changes needed to position USAT for long-term growth and profitability. With a completely new executive team now in place, a reorganized business structure, a realigned salesforce and redesigned customer service team, as well as a stronger capital structure, we have an unbelievable opportunity to build something great on this strong foundation during fiscal year 2021, and beyond,” said CEO Sean Feeney. From USA Technologies.
Square released a new report this week that looks into the impact of COVID-19 on payments behavior. According to the company, only 5.4% of U.S.-based Square sellers took in more than 95% of their sales through cashless methods in February, a number that jumped to 23.2% during April and may be stabilizing around the August number of 13.4%. The share of transactions conducted in cash as of August 1 dropped 7.3 percentage points from 40.6% in 2019 to 33.3% this year – a shift the company estimates would have taken three years without the impact of the pandemic. From Square.
Montreal-based PF Lightspeed listed on the NYSE last week, hoping to raise its profile in the U.S. The company’s CEO, Dax Dasilva, told BetaKit that the shift to omnichannel payments brought on by COVID-19 presents a “real moment of opportunity” for the company to increase its brand awareness. The company provides cloud-based POS software, and it helps its small business customers combine their in-store and online offerings. From BetaKit.
The Reserve Bank of India is developing a digital payment index to measure the use of digital payments in the country. According to Executive Director T. Rabi Sankar, per-capita usage of digital payment methods remains low despite the growth over the last few years. Increased access to formal financial services, best delivered by digital methods, can help drive economic growth, he said. From Business Standard.