Australian fintech and digital payments company Novatti Group (ASX: NOV) has further strengthened their payments business by expanding their partnership with the world’s leading lifestyle platform, Alipay, to integrate ChinaPayments.com into the Alipay app.
Launched in 2018 by Novatti, ChinaPayments was a first-to-market platform for Chinese residents to pay their Australian bills via BPAY, but using Chinese currency. The platform is commonly used by international students to pay education fees, utilities bills and rent with more than 500 different billers having received bill payments via the platform over the past year.
By now being integrated into the hugely popular Alipay app, users can enjoy the convenience of ChinaPayments without dealing with cash or foreign exchange businesses.
“Novatti has enjoyed a constructive partnership with Alipay, a global major third-party mobile and online payments platform. Our close co-operation has led to the integration of ChinaPayments into the Alipay platform and validates our strategy of working with tier one providers,” said Novatti Managing Director, Peter Cook.
“This partnership provides an innovative solution that enables Chinese residents to pay their bills easily, and enables many Australian billers to improve their cashflow through on-time payment.
“It has also led to an immediate increase in consumer enquiries and social media interaction on ChinaPayments and ultimately more transactions.”
New revenue for Novatti will be dependent on take-up but the payments processing arm of the business has performed well through COVID-19 as populations have increased their online transactions activity whilst in isolation.
For the quarter ending 31 March 2020, Novatti Group reported total revenue of $3 million, of which $1.72m came from their payments processing businesses and represented a 67% increase on their corresponding 2019 quarter.
As one of the world’s largest eCommerce platforms, Alipay serves more than 1.2 billion Alipay users worldwide.
Novatti invites investors to join their mailing list to keep up to date with company updates here.
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Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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