Ripple Partner Novatti Procures Merchant Acquiring License in New Zealand
Through the license, Novatti could offer its PayxCrypto solution to merchants once it’s fully developed.
Novatti Group, a top player in the payment solutions fintech industry and one of Ripple’s partners, has accomplished a major feat, as its subsidiary Novatti Acquiring Services (NZ) Limited was granted a merchant acquiring license by New Zealand, placing it among one of the exclusive non-bank acquiring providers in the nation. The development was announced by Novatti through an official press release today.
This is a significant move from the leading payment giant towards extending its reach in the merchant acquiring scene, as it already established its acquiring business in Australia and received licenses from the two largest payment networks Visa and Mastercard in November 2021. Novatti partnered with Ripple in 2020 to leverage its RippleNet solution for cross-border settlements.
A merchant-acquiring entity is a firm that enables merchants to accept card payments from customers. The acquiring entity establishes a merchant account for the merchant and provides them with the necessary payment processing services and infrastructure to accept card transactions.
By offering a centralized solution for overseeing payment types through its unified commerce solution, Novatti provides merchants with an opportunity to efficiently manage all forms of payments, including online, in-app, and physical transactions, thus creating a seamless hybrid experience for customers.
Through this solution, merchants can provide a wide array of payment methods, ranging from traditional options like credit cards and direct debits to alternative payments such as Alipay and WeChat Pay. Novatti also plans to deploy PayxCrypto, its unique payment solution, soon. PayxCrypto, which is currently in development, will enable customers to pay with their crypto wallets.
“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,” Kian Jackson, Novatti’s General Manager at Merchant Acquiring, remarked.
Thanks to the core technology of digital wallets provided by Novatti, merchants have the ability to give their customers the option of dividing payments among several wallets to fulfill their particular payment requirements. Novatti’s PayProtect also insures merchants against chargeback fraud and increases approval rates, creating a secure shopping environment for everyone involved.
Novatti’s Expansion Efforts
This is one of Novatti’s significant efforts at growth following a series of partnerships and license procurements last year. The payment solution acquired a banking license for its subsidiary in Australia last November. Shortly after this, Novatti partnered with DataMesh to offer innovative card payment solutions.