Payments platform operator PayNearMe released a report on its progress for the past 18 months to June 30, 2022, outlining its business growth, expanded platform and talent.
Company Growth
Fintech firm PayNearMe reported significant increases in transaction counts as the number of merchants adopting the company’s platform increased by 20% over the past year-and-a-half.
Hailing 2022 as pivotal for the business, chief revenue officer and general manager of PayNearMe Michael Kaplan outlined the continued execution of the firm’s “aggressive growth objectives” which leads to the business exceeding “targets quarter after quarter.”
“This company momentum speaks to significant market demand for our modern payments platform,” Kaplan continued, pointing to the benefits the business brings to its clients by enabling them to “deliver fast, frictionless self-service bill pay options,” as well as support efforts of iGaming and sports betting businesses to “deliver the best player experience for deposits and withdrawals.”
Over the reported period, PayNearMe more than doubled electronic payments revenue, increased transaction volume by 50%, grew platform merchant adoption by 20%, increased the share of digital wallet payments for its clients by over 60%, added more than 13,000 Walgreens and Walmart locations to expand its cash retail network by nearly 50%, and increased cash transactions volume by nearly 50%.
“There continues to be tremendous opportunity for growth, driven by the acceleration toward mobile-friendly payments, as well as consumer demand for payment choice and convenience,” Kaplan added, noting that the firm is considering in a calculated way how to “continually grow” its market share, taking into account its strong financials, increased number of clients on the platform and efforts to understand client’s needs and respond by delivering products and services that will “move their businesses forward.”
Platform Enhancements
In terms of platform expansion and enhancements, PayNearMe doubled the number of electronic tender types and added PayPal, Venmo, Google Pay, and Apple Pay as payment options, introduced push-to-card, ACH, Paypal, and cardless cash at ATM as single integration disbursement options and Smart Link technology that enables payment flow activation via personalized links, and delivered new features, functionality and improvements.
“Our high rate of innovation sets us apart in the industry and enables personalized payment experiences that deliver value before, during and after every transaction,” Kaplan commented, underscoring the need to scale development resources to maintain the firm’s “pace of innovation and support the increasing demand for frictionless payments.”
Team Expansion and R&D
Also commenting on the company’s progress, PayNearMe founder and chief executive officer Danny Shader emphasized the maniacal focus of the firm on innovation that will allow its clients to “improve their customer experience and financial results,” adamant that investment in R&D for the benefit of its clients will continue. In the past 18 months, PayNearMe appointed Mirna Daouk as Chief Financial Officer and Lee-Ann Farley as Chief People Officer and managed to double its engineering capacity and R&D investment.