NMI’s 2020 marked by innovation and sustained leadership in payments enablement technology
SCHAUMBURG, IL - January 14, 2021 - NMI, a leading payments enablement technology company, today announced another year of major successes for 2020, as demonstrated by record business performance, key partnership wins, a multitude of product enhancements and a growing senior leadership team, as well as its plans to continue growth in 2021.
“2020 has tested the flexibility of businesses around the world and we’re proud of the flexibility that NMI has proven throughout it,” said Vijay Sondhi, CEO of NMI. “This year has pushed us hard to deliver on our mission to empower software and fintech companies to accept payments in every way, and with the guidance of our experienced senior leadership team, we’ve been able to do just that.”
Exceptional Business Performance
As consumers turned to contactless, mobile and online payments to facilitate nearly all of their transactions in 2020, NMI was uniquely positioned to help its customers innovate on their existing payment offerings as well as integrate new offerings to meet rising demands. By the end of 2020, NMI’s platform enabled nearly 1,500 ISO and software vendor partners, and over 150,000 merchants resulting in more than 1.2 Billion transactions.
NMI’s ecosystem expanded in 2020 to power payments for diverse new partners including:
- Instant Systems: A developer of unattended retail payment solutions in Europe and the US, partnered with NMI to process payments using QR codes and vend items at kiosks, creating a similar experience to Amazon Go and launched its solution during the pandemic.
- BCycle: A bicycle sharing company based in the US and operating across 47 major cities. Through its partnership with NMI, BCycle has launched 20 new locations over the past year, with more looking to be launched in 2021.
- Bleuco: An ISV specialized in the restaurant vertical and focused on providing touchless payments using a phone or mobile devices, chose NMI as its primary payment gateway partner for a 350 location restaurant chain.
- Staqq: An ecommerce solution provider currently operating in the US has partnered with NMI as it looks to expand into the UK and Europe.
- iStream: A financial services company that facilitates payments, enables integrations and manages data while delivering treasury management solutions has partnered with NMI to reduce the complexities associated with payments and processing.
Product Innovation through a Pandemic
COVID-19 accelerated the race for merchants to deliver safe and convenient payment experiences and forced many to overhaul their payment device strategies. According to NMI’s recent data, nearly 30% of consumers feel uncomfortable using cash to make purchases during the pandemic and 43% actively avoid shopping with retailers that don’t offer contactless payments. Through a series of product launches and enhancements in 2020, NMI streamlined contactless and ecommerce payments to address these evolving shopping preferences and help businesses of all sizes stay afloat amid the pandemic.
- Ecommerce payment offerings: NMI developed a variety of solutions, including, Collect.js and Collect Checkout, to enable businesses to quickly and easily accept payments online. The offerings can be integrated into everything from a simple website to a complex modern web app. They can even generate payment links, including QR codes that can be shared on social posts or via text messaging.
- Contactless payments: NMI accelerated its support for new payment terminals that enable contactless payments, both mobile and card, to ensure those who build on NMI’s software can offer this safe, sanitary payment option to consumers re-entering stores following the COVID-19 shutdowns.
- ChipDNA Cloud: In October, NMI announced the launch of ChipDNA Cloud which allows partners to integrate payment processing into their software-as-a-service (SaaS) solution quickly and easily, enabling acceptance of contactless and chip-based credit card payments instantly via cloud based POS.
- Automatic Card Updater: This offering ensures that businesses that offer subscriptions never miss a payment due to an expired card. In light of the pandemic, NMI added additional functionality that allowed businesses to pause subscriptions for consumers facing hardships.
- Unattended solution offerings: We expanded our unattended device offerings in the US to better enable the parking, vending, ticketing and transit industries.
NMI’s data confirmed that these product additions and updates allowed merchants to enable more payments – revealing a 342% increase in US contactless payment transactions from cards and NFC devices and a 289% increase in transactions with its online checkout solution.
NMI’s business performance and product innovation were driven by it’s growing team, which reached more than 200 employees in 2020, including a list of executive hires dedicated to delivering more value and better solutions to clients.
- The appointment of industry veteran Kyle Pexton from Chief Financial Officer to President allows the company to double down on scaling the company’s commercial and business development efforts, as well as drive the company’s organic and inorganic growth.
- The appointment of Leo Castro as Chief Marketing Officer brings more than 20 years of fintech and partner marketing experience to NMI, helping to build out its marketing profile and exceed its aggressive growth goals.
- The appointment of Jagdeep Sohota as Vice President of Strategic Alliances will bring new alliances and expansion of existing NMI relationships with existing ecosystem partners and commerce marketplaces to drive growth.
- The appointment of Kim Norwesh as Chief People Officer will further cultivate NMI’s culture and evolve its people processes in support of the company’s continued sales, solution and customer growth.
“I am proud of what our team accomplished together this year despite market disruptions across every industry. We’ve helped new companies innovate their payment experiences and pivot amid the pandemic through our enhanced and new product offerings and relationships with key partners," said Sondhi. "We're excited to build upon this momentum in 2021 and bring continued success to our customers as they navigate our ever-changing world by empowering them to accept payments in more ways than ever before."
In 2021, NMI plans to roll out its own tap-on-phone solution and build on its recent partnership with Mastercard surrounding the Cloud Tap on Phone solution launch. It will also expand ecommerce payment solutions to additional UK customers – fulfilling its commitment to enabling more payments, in more ways, and in more places and providing further flexibility and options to its customers.
To learn more about NMI, visit: https://www.nmi.com/
NMI is one of the world’s leading card payment gateways, processing over 1.2 billion transactions a year from retail POS, e-commerce and self-service terminals. Our mission is to use our expertise to enable more payments, in more ways, and in more places, all with the utmost security and reliability. To do this we provide ISOs, fintech innovators and technologists with the software tools to be able to work with us easily. It gives them the freedom to focus on what they do best, liberates them from restricted payment methods, and gives them access to the latest payment technology now and in the future. Our team spans the globe and has a twenty-year track record of delivering innovative payment solutions across specific retail sectors and has unparalleled experience in EMV technology.