Novatti Group, a pioneer in the fintech payments space and a partner of Ripple, recently achieved a significant milestone when its subsidiary Novatti Acquiring Services (NZ) Limited received a merchant acquiring a license from New Zealand, making it one of the country’s only non-bank acquiring providers. Novatti released an official press release today announcing the development.
Given that the leading payment company has already established an acquiring operation in Australia and has been granted licenses by the two largest payment networks, Visa and Mastercard, as of November 2021, this is a significant move on the part of the company to expand its presence in the merchant acquiring industry. A partnership between Novatti and Ripple in 2020 resulted in the use of RippleNet for cross-border settlements.
A merchant-acquiring entity is a firm that enables merchants to accept card payments from customers. For the merchant to accept card payments, the acquiring company will create a merchant account for them and offers them the infrastructure and payment processing services they need.
Novatti allows organizations to effectively handle all types of payments, including online, in-app, and physical transactions. It provides a centralized solution for managing payment types through its unified commerce solution, resulting in a smooth hybrid experience for customers.
Through this service, merchants can provide a wide range of payment alternatives, from traditional options like credit cards and direct debits to alternative payments like Alipay and WeChat Pay. Also, soon Novatti intends to roll out PayxCrypto, its unique payment solution. Customers can make purchases through PayxCrypto, which is currently under development.
According to Kian Jackson, General Manager at Novatti Merchant Acquiring, “We are excited to be able to offer New Zealand merchants our unified commerce solution which we believe will solve many of the business pain points around not being able to offer customers split payments and a diverse range of payment methods.”
Due to Novatti’s fundamental digital wallet technology, businesses can offer their consumers the choice of splitting payments across many wallets to meet their unique payment needs. Everyone benefits from a secure purchasing environment thanks to Novatti’s PayProtect, which also protects merchants from chargeback fraud and increases approval rates.
Read also: Montenegro and Ripple Partner to Develop a Payment Infrastructure
An Expansion Strategy for Novatti
Following several agreements and license acquisitions the previous year, this is one of Novatti’s main expansion initiatives. In November of last year, the payment solution’s Australian affiliate obtained a banking license. Soon after, Novatti partnered with DataMesh to provide cutting-edge card payment solutions.
