Success in consumer and retail sectors propels PagoNxt forward
PagoNxt, a leading payments platform, has announced its Q1 2022 results, showcasing substantial growth across various sectors. The company, which operates in ecommerce, point-of-sale, omnichannel retail, B2B, and emerging markets, has seen particularly significant growth in Latin America.
Santander, the parent company of PagoNxt, has reported the financials of its autonomous payments business. According to the report, PagoNxt's revenue for Q1 2022 stood at €162m, marking a 122% increase year-on-year. This growth is attributed to the success of its consumer-focused brands, such as Superdigital, and its B2B offerings.
Superdigital, a consumer-focused brand under PagoNxt, played a crucial role in helping the company surpass pre-pandemic levels in volumes. The brand has seen significant growth, particularly in Latin America, contributing to PagoNxt's overall success.
PagoNxt brings together Santander's payments brands, including Getnet, One Trade, Ebury, and Superdigital. Getnet, a part of PagoNxt, experienced a 40% rise in payment volumes and a 7% increase in total active merchants in Q1 2022.
One Trade, another brand under PagoNxt, has served approximately 8,000 businesses, while Ebury has served around 15,000. Notable achievements include the launch of real-time payments between Spain and Brazil by One Trade within the quarter.
Despite refocusing on B2B, PagoNxt has seen considerable growth from consumer activities. However, the company's European consumer-focused service PagoFX was closed, indicating a shift in focus towards the international trade business of SMEs and institutions.
The cross-border payments landscape is evolving, with new actors such as payment providers leveraging blockchain and cryptocurrencies like Bitcoin, Ethereum, or Tether to enable cost-efficient and direct international payment settlements between digital wallets, bypassing intermediaries and speeding up payment flows. These new actors join the main actors in cross-border payments, which include market operators and traders.
PagoNxt's Q1 2022 losses were -€32m, a significant decrease from -€64m a year ago, demonstrating the company's progress and financial stability. As the payments industry continues to evolve, PagoNxt is well-positioned to capitalise on opportunities and drive growth in the coming quarters.
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