PayNearMe announces record growth as it prepares for Global Gaming Expo

October 10, 2022 7:00 PM
Photo: PayNearMe
  • Buck Wargo, CDC Gaming Reports
October 10, 2022 7:00 PM
  • Buck Wargo, CDC Gaming Reports

PayNearMe comes into this year’s G2E at a high point and is expected to announce some new partnerships this month.

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The company that manages payment complexities recently announced record growth, with significant increases in transaction counts and electronic-payments revenue, as well as a 20% increase in the number of merchants adopting the PayNearMe platform.

Between January and June 2022, the company more than doubled revenue in electronic payments and increased transaction value by more than 50%. In addition, it increased digital-wallet payment share in its client base by more than 60% year over year.

“2022 is proving to be a pivotal year for PayNearMe as we continue to execute on our aggressive growth objectives and exceed our targets quarter after quarter,” said Michael Kaplan, chief revenue officer and general manager. “This company momentum speaks to significant market demand for our modern payments platform, which enables billers to deliver fast, frictionless, self-service bill-pay options and allows igaming and sports betting operators to deliver the best player experience for deposits and withdrawals.”

Leighton Webb, vice president of igaming and sports betting for PayNearMe, said G2E is one of the company’s two biggest trade shows in the U.S., along with SBC. Staff will be meeting with all the major operators’ player-account management providers, many of whom are already working with the company.

PayNearMe has meeting space at their G2E booth for scheduled demonstrations to showcase new products.

“It’s about building our business with them and building those relationships with our partners, both on the operator and player-account management sides,” Webb said.

“Coming into G2E, one of the hot products that got a lot of traction in the marketplace is cardless cash at ATM. We closed several deals and you’ll see operators bring that to market this quarter. There’s a lot of continued interest in that product that operators are keen to focus on. The other product is card-processing.”

In addition, PayNearMe’s MoneyLine platform is an end-to-end payment gateway and platform designed to remove friction, enabling operators to deliver a best-in-class player journey that overcomes the problems operators are dealing with today, Webb said. With one integrated platform, igaming and sports betting operators can process deposits, initiate withdrawals, and gather insights from data to automated decisions and better manage payment experiences that ultimately reduce costs and increase revenue.

Webb said gaming has contributed to the company’s success in electronic payments.

“As we go further into the gaming market, that helps us to capitalize,” Webb said. “The MoneyLine platform launched one year ago just before G2E and we have a lot of new wins and launches in gaming with that platform. It’s building on that pipeline of business and growing that business is our focus at G2E.”

One of the highlights announced by PayNearMe includes doubling the number of electronic tender types offered in its technology platform – the addition of PayPal, Venmo, Google Pay and Apple Pay.

It also launched one of the industry’s most comprehensive disbursement solutions, enabling merchants to disburse funds four different ways with a single integration: push-to-card, ACH, PayPal, and cardless cash at ATM.

In addition, PayNearMe has introduced its Smart Link technology, personalized links that move customers directly into registered payment flows, enabling payments in a few short clicks.

The company has shipped 95 product releases to the platform, delivering new features, functionality, and improvements utilizing its zero-downtime architecture.

“Our high rate of innovation sets us apart in the industry and enables personalized payment experiences that deliver value before, during, and after every transaction,” Kaplan said. “To maintain our pace of innovation and support the increasing demand for frictionless payments, we’re scaling our development resources.”

To support its next phase of growth, PayNearMe doubled both engineering capacity and R&D investment.

“We remain maniacally focused on innovating for our clients in ways that allow them to improve their customers’ experiences and financial results,” said Danny Shader, founder and CEO of PayNearMe. “We will continue to invest in R&D for the benefit of our clients.”

Kaplan said they’re making a calculated decision on how to continually grow market share. The company has strong financials, significantly increasing the number of clients on its platform. It’s working with clients to understand their needs and deliver products and services that continue to move their businesses forward.

“There continues to be tremendous opportunity for growth, driven by the acceleration toward mobile-friendly payments, as well as consumer demand for payment choice and convenience,” Kaplan said.

Kaplan will participate in a panel discussion talking about the future of digital payments in the gaming world on Tuesday at 11:40 a.m.