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.
PayPal reported what it said was its strongest growth in payment volume ever during the third quarter of this year. Total payment volume grew to $247 billion, a 38% increase over last year’s volume during the same period last year. The company’s revenue grew 25% to $5.46 billion. “PayPal’s third quarter was one of the strongest in our history. Our growth reinforces the essential role we play in our customers’ daily lives during this pandemic,” said Dan Schulman, president and CEO. From PayPal.
Shopify said its third quarter revenue was up 96% over the previous year. Total revenue was $767.4 million, with Merchant Solutions revenue growth of 132% to $522.1 million, primarily driven by a growth in gross merchandise volume. “The accelerated shift to digital commerce triggered by COVID-19 is continuing, as more consumers shop online and entrepreneurs step up to meet demand. Entrepreneurs will be the force in rebuilding economies all over the world, which makes it even more important for Shopify to innovate and build the critical tools that merchants need to succeed in a low-touch retail environment,” said Harley Finkelstein, Shopify’s President. From Shopify.
Blackbaud reported a 2.8% decrease in total GAAP revenue for the third quarter to $215 million. Its diluted earnings per share increased 11% year over year. The provider of software for nonprofit organizations completed the purchase of its headquarters in Charleston, S.C., during the quarter, it said. “Our customers continue to navigate the challenges caused by the pandemic which will put pressure on our ability to drive near-term revenue growth in 2020 and 2021, thus we’re executing our balanced strategy with a sharper focus on profitability. Digital transformation has shifted from a long-term strategy to a daily reality, as organizations across the market have adapted to new and distributed ways of working,” said Mike Gianoni, Blackbaud’s president and CEO. From Blackbaud.
The National Payments Corporation of India is trying to export its success building retail payment rails to other countries in Asia. It recently submitted a joint bid with U.S.-based Euronet to build a real-time payments system and a QR code system for Myanmar. Card networks Visa and Mastercard are also said to be interested in the project. From Economic Times.
Ghana-based fintech provider expressPay has launched a QR code-based payment solution. The new contactless option is available to anyone with a mobile wallet or a bank account to send or receive payments, the company said. From Tech in Africa.
Brexit is driving Stripe to shift payment processing for most of its European customers from Britain to Ireland. Beginning this month, the company will process transactions for customers outside of the U.K. and Switzerland at its Dublin-based facility, which is regulated in Ireland. From Irish Times.
Alliance Data: Alliance Data Signs Definitive Agreement to Acquire Bread