Login | Register
Profile | Log out
logo

  • Home
  • News
  • Opinion
  • Other
    • Market Updates
    • Explainers
    • Satire
  • About
  • Contact Us
    • Contact
    • Get Covered
    • Posting Guidelines
  • Subscribe
Submit An Article

Latest Articles

  • Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    • News

  • Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    • News

  • EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    • News

  • RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    • News

  • BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    • News

  • AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    • News

  • Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    • News

  • Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    • News

  • FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    • News

  • Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    • News

Novatti launches new payments platform for purpose-issued Visa cards

  • In News
  • September 29, 2020
  • Alfred Chan
Novatti launches new payments platform for purpose-issued Visa cards

With the coronavirus pandemic highlighting society’s declining use of cash, fintech and digital payments company Novatti Group (ASX: NOV) has launched a new configurable platform for businesses to access world-leading Visa issuing solutions without the intensive investment required to build and launch from scratch.

The Digital Payments Accelerator offers startups, businesses of all sizes and Government agencies with an off-the-shelf configurable platform to issue and manage Visa cards using Novatti’s service, being a Visa Principal Issuer and Australian Financial Services Licenses holder for non-cash payments.

“We’ve seen the rise of the ‘bank in a box’ and banking as a service, which is revolutionising that sector by providing open access to infrastructure previously reserved for the big end of town,” said Novatti Managing Director, Peter Cook.

“Novatti’s Digital Payments Accelerator equally revolutionises the payments sector by providing everyone, from startups to small businesses, and large enterprises to government, with access to Visa’s world-class payments platform and card issuing facilities at an affordable cost.

“This will help businesses meet the rapid increase in consumer demand for digital payments, which we strongly believe will accelerate post-COVID-19.”

Through testing of the service and its practical application in real-world situations, Novatti developed various apps within the API driven platform where by example, Visa cards could be issued for the purpose of controlled welfare payments to people in urgent need of assistance. As such, Government agencies would be able to track spending and use of welfare payments to ensure funds were being spent appropriately while not allowing cash withdrawals, use on gambling websites or at liquor stores.

Another real-world application used is for the rapid payment of fleets of drivers who are working a mixture of the gig economy and part-time shifts.

Core to the platform is the sandbox environment where Novatti developers will work with business customers to customise their payments ideas while utilising Novatti’s digital payments and regulatory technology to ensure smooth transactions and reconciliations.

Revenues payable to Novatti will depend on the scale of each individual payments app and number of Visa cards issued where Novatti can issue up to 2,500 custom-branded Visa cards. Because the cards are pre-paid, there is no credit risk held by Novatti which receives program development fees and ongoing processing fees based on transaction volumes.

In 2019, consumers had already left cash behind, with card payments representing 63% of consumer payments compared to cash at 27%.  Post-COVID-19, this shift is only expected to accelerate.

The launch of Novatti’s new Digital Payments Accelerator is just one of Novatti’s planned growth initiatives since raising $10.2m in July with the fintech company having earlier in the month also launched a new billing automation app on the Salesforce Exchange. In collaboration with Rent.com.au (ASX: RNT), Novatti is also expecting to launch their new RentPay app before the end of the year as a one-stop-shop for tenants, agents and landlords.

*Owners of this website are shareholders in a company mentioned in this article and have been engaged by them to assist in investor communications

  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
  •  
  •  
  •  
  •  
  • apyments accelerator
  • Fintech
  • Novatti
  • Novatti Group
  • Peter Cook
  • visa cards
  • visa inc
  • News

Leave a Comment

You must be logged in to post a comment.

  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024

Login or register for free to access unlimited reading

Register Now!
  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
  • News

  • Opinion

  • Satire

  • About

  • Contact Us

  • Subscribe

The content published on this website is solely for general information purposes and is not to be construed as financial advice. Should you seek financial advice you should consult with an appropriately qualified person. Opinions expressed on this site are subject to change without notice and The Sentiment who produced this content is under no obligation to keep the information current. The Sentiment, affiliated companies & associates may have a conflict of interest with companies discussed on the website due to commercial arrangements, for example they may be shareholders in the company, be engaged by them to assist in investor communications or receive commission/brokerage for funds raised.

Copyright © 2020 The Sentiment. All rights reserved.
Subscribe

Enter your email address below to subscribe to The Sentiment’s weekly newsletter, highlighting the top news, research, opinion and satire articles shaping ASX investor sentiment.

The Sentiment respects your privacy and will not spam you. View our privacy policy here.