In this week’s news roundup, Square reports its 3Q16 earnings, Paytm expands its capabilities, and Alipay expands the availability of its mobile wallet.
After beating estimates for the third quarter in a row, Square raised its guidance for 4Q and full year 2016. In its 3Q16 earnings, the company reported gross payment volume (GPV) of $13.2 billion (up 39% year over year) and total net revenue of $439 million, up 32%.
In its letter to its shareholders, Square said that the GPV from larger sellers (over $125,000 in annualized GPV) had grown 55% year over year. The letter cited the “benefits of our entire ecosystem, including fully-featured point of sale software and capabilities such as APIs (Build with Square), mobility of hardware, and customer service” as one of the reasons for this growth.
Indian payment facilitator Paytm has entered into an agreement that capitalizes on the technical capabilities of logistics company LogiNext. The company plans to provide its geographically widespread customers with help with daily operations, including courier services, according to a report in Dataquest. This effort is part of the company’s SEED (Speedy, Efficient and Effective Deliveries) initiative, the article said.
In the article, Bhushan Patil, president of Paytm was quoted as saying, “Today, we are a leading player in marketplace business, taking into account the combination of our digital and physical outreach. In regards to our small merchants, while we can offer them business, they would still have to manage the daily operations on their own. Optimizing their everyday operations is crucial since it is imperative for us to extend the best customer experience. LogiNext’s Force and MileTM SaaS products help manage these small SEED centers, or first mile and last mile small courier partners to get online and administer their daily activities in a more optimized way.”
Alipay is expanding the availability of its mobile wallet for Chinese tourists travelling in the U.S. through partnerships with First Data and Verifone, and in Australia through a new relationship with Commonwealth Bank of Australia.
These announcements follow a similar partnership with Wirecard in the U.K. announced last month.