The Novatti Group Ltd (ASX: NOV) share price is soaring higher in mid-afternoon trade. This comes after the company announced its Visa Prepaid cards are now supported by a major global payments platform. At the time of writing, the Novatti share price is up 8.3% to 26 cents.
What's driving the Novatti share price?
The Novatti share price is picking up steam after the company reported news of its partnership with Apple Inc. (NASDAQ: AAPL)'s Apple Pay. In the company's release, Novatti advised Apple Pay has now been included in its physical and digital Visa cards ecosystem.
The latest addition will allow consumers to conveniently make purchases in-store and online through Apple Wallet. The software, stored on an Apple device, contains credit card information input by the user, acting as a virtual wallet.
Novatti noted that the Apple Pay integration followed extensive testing to ensure a smooth transition. It also highlighted that major Australian Banks have already adopted Apple Pay into their services.
Quick take on Novatti
Established in 1994, Novatti is a digital banking and payments company that enables fast and secure payments. The business has partnership agreements with an array of companies that include Telstra Corporation Ltd (ASX: TLS), Cathay Pacific, Hutchison Telecom, and others.
Visa awarded Novatti with a principal issuer licence in September 2019, which paved the way for its Visa Prepaid cards.
Words from the managing director
Novatti managing director Mr Peter Cook hailed the addition of Apple Pay, saying:
By partnering with Apple Pay, Novatti is providing its clients with even greater flexibility and coverage in their choice of mobile device, and therefore, the opportunity for Novatti's platforms to scale further.
By increasing the reach of Novatti's Visa Prepaid cards, we aim to further scale our card issuing and transactions.
Novatti share price snapshot
The Novatti share price has lifted nearly 24% over the last 12 months.
The company's shares hit an all-time low of 8.3 cents in March due to COVID-19 weakening global markets. In June, however, the Novatti share price accelerated to a 52-week peak of 42 cents, before stabilising around the mid-20-cent mark.
