The Humm Group Ltd (ASX: HUM) share price is in the green during early afternoon trade. This follows the buy now, pay later (BNPL) company announcing a new feature giving merchants instant access to its services.
At the time of writing, Humm shares are swapping hands for $1.02, up 0.99%.
What did Humm announce?
According to this morning’s release, Humm has launched its Humm/TAPP instore feature. This allows users to tap a digital card when making purchases at any Humm merchant in Australia regardless of the store’s existing payment platforms.
Humm says its latest offering saves merchants significant costs, resources and time. Previously, it could take up to 3 months for Humm to be integrated into some instore point of sale systems.
As of today, Humm merchants can now facilitate the new payment method. This includes 300 merchants that signed up in the third quarter of 2021 and were not yet integrated.
Humm group CEO Rebecca James said:
TAPP removes the need for merchants and Humm to invest tens of thousands of dollars and several months integrating into in-store point of sale systems. With immediate access to transacting Humm customers, TAPP makes it easier and more attractive for merchants to include Humm as an in-store payment option.
Our customers now have a seamless and intuitive in-store payment method at every Humm merchant, in a familiar digital wallet experience.
Humm partner Mastercard helped developed the new payment experience. Mastercard’s division president Australasia Richard Wormald said:
Mastercard is delighted to partner with Humm to continue to drive seamless and secure digital payment experiences for consumers and merchants alike. Mastercard’s latest research revealed that 86% of Australian consumers expect to be able to buy what, when and how they want.
Humm share price snapshot
During the past 12 months, the Humm share price has recorded sharp and sudden movements, making it a volatile share to hold. The company’s share price is currently sitting at the lower end of its 52-week range.
During the past 12-months, Humm shares have rollercoastered from a height of $1.479 to as low as 84 cents. Year-to-date performance has seen the company’s shares fall by around 10%.
In market capitalisation terms, Humm is valued at around $503 million and has approximately 495 million shares on its registry.