PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Shopify revenue is way, way up. The Canadian PF reported a 97% increase in revenue year-over-year for the second quarter of 2020. The growth was primarily driven by an increase in gross merchandise volume of 119%. Gross payments volume was up to $13.4 billion, versus $5.8 billion for the second quarter of 2019. “The strength of Shopify’s value proposition was on full display in our second quarter,” said Amy Shapero, Shopify CFO. From Shopify.
PayPal boasted record performance this quarter. The company reported what it said was the “strongest quarterly performance in PayPal’s history,” with revenue of $5.26 billion. That number is up 25% year-over-year on a foreign-currency neutral (FXN) basis. The company’s total payment volume grew 30% on an FXN basis to $222 billion and it added 21.3 million net new active accounts, the most ever in a quarter. “In the midst of the COVID-19 pandemic, digital payments have become more important and essential than ever. Our record performance in the second quarter — our strongest quarter ever — reaffirms the relevance of PayPal in the unfolding digital future. We’re committed to supporting our consumers and merchants as they work to safely navigate this new reality,” said Dan Schulman, PayPal president and CEO. From PayPal.
Blackbaud grew recurring revenue by nearly 4% this quarter. The PF serving nonprofits and other “social good” organizations said its total GAAP revenue was up 2.8% to $232 million. “Our customers are once more proving the often under-appreciated resilience of our market and finding creative ways to ensure they deliver on their missions despite the challenges presented by the current environment. This pandemic will be a catalyst for the industry to move even faster towards modern, purpose-built cloud solutions, and we remain very well positioned as a leader in this market and the best long-term partner for social good organizations,” said Mike Gianoni, Blackbaud president and CEO. From Blackbaud.
PF Partnerships Pay Off
UnionPay card acceptance is growing in Europe. According to UnionPay, which is based in China, the number of SumUp merchants accepting the cards has grown over the last 12 months to more than 800,000. The companies have expanded their relationship since it began in 2012. UnionPay cardholders can use their cards at merchants in the U.K., Ireland, France, Germany, Austria, Switzerland, Italy, Netherlands, Poland, Portugal and Sweden. From Electronic Payments International.
Shopify is helping Walmart rapidly expand its online marketplace. The two companies announced a relationship in June, when Walmart opened its marketplace to Shopify sellers. At the time, Walmart announced a goal of onboarding 1,200 Shopify sellers this year. In June, the marketplace added 3,000 sellers and for July, it is expected to add 3,600 new sellers, more than triple its January number. While the surge can’t all be attributed to Shopify, it appears that the partnership hasn’t hurt. From TechCrunch.
Shopify: Shop Just Made It Easy To Be Green
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Paysafe: Paysafe to Acquire Openbucks