Novatti Confirmed The Availability Of Wechat Pay On Chinapayments.com

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 Chinapayments.com business unit.

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

It may be exciting to know that the services related to Chinapayments.com 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 chinapayments.com 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 Chinapayments.com 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 Chinapayments.com, within one year’s duration, had shown rapid growth in the revenue and the customers.

Chinapayments.com 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 Chinapayments.com 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.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here