Novatti Confirmed The Availability Of Wechat Pay On

Novatti Group Limited (ASX: NOV), a company which through its payment processing platform, facilitates mobile and alternative financial payments solutions and services, provided an update regarding the business unit.

Novatti is pleased to announce that Wechat Pay is also available on which will facilitate the payment of the Australian bills.

It may be exciting to know that the services related to and its Australian bill payment are now accessible by majority of the Chinese consumers who have either Alipay and Wechat Pay or both of them. There are 520 million customers of Alipay, and Wechat Pay’s customers have reached 1 billion in the count. The availability of these extra consumers will be the driving factor of the strong growth the processing.

At present, NOV is focusing on building a strong relationship with these increasing number of customers with a view to transitioning them to the banking services in the near future.

In February 2019, the processing through the had set a processing record worth $696k.

With the increasing numbers of customers, followed by the company’s strategy of transitioning its customers to banking services, it appears that the company is trying to broaden its horizon by not just being limited to payment solution provider but also to step into the banking services.

On 18 February 2019, the company announced that, within one year’s duration, had shown rapid growth in the revenue and the customers. is Australia’s only service that allows the Chinese consumers to make the payment of university fee, rent, phone bills and other related Bpay Bills through Alipay. Each transaction made through the has a transaction fee linked to it which is being received by the company.

The statistics of the company stated that in January 2019, the number of transaction processing reached around $460k and based on increased number of customers, the company expected that by the end of February 2019, this value would reach approximately $700k.

Other Updates:

On 28 February 2019, as per the half-yearly results announcement, the company’s revenue from the ordinary activities increased by 69.30% to $3,848,938 but made a significant loss of 57.62% to $2,514,216 as compared to the previous corresponding period. The loss during the period was majorly driven by due diligence costs of the potential acquisitions and the increased expenses.

On 31 January 2019, the company declared its quarterly results for the period ended 31 December 2018. During the period, the company reported revenue of $1.86 million, up by 81% from its corresponding quarter in the previous year. The period also reported a growth in the transaction processing revenue by 21% to $1.06 million as compared to its last quarter. The cash balance at the end of the period was $3.1 million.

On 22 January 2019, the company released its transactional revenue update for the period ended December 2018

In the last six months, the stock has generated a negative return of 7.84%.  However, in the previous 3 months, the stock has generated a decent 23.68% return. At present, the stock of NOV is trading at A$0.245 (as on 7 March 2019), up by 4.25% as compared to the previous trading day’s closing price. The company has a market capitalization of A$37.03 million shares with 157.59 million outstanding shares.


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