The Chicago-based payment enablement company celebrates strong first half of the year with an acquisition, new significant growth amid active 2021
NMI, a leading payments enablement technology company, announced a successful first half of 2021 exhibited by its internal growth through the acquisition of USAePay, key partnership wins and product enhancements to innovate alongside their partners.
“We’re ecstatic about the traction we’ve gained so far and our continued ability to enable our ISV, ISO and bank partners with our full commerce solutions,” said Vijay Sondhi, CEO of NMI. “From our acquisition of USAePay to our MasterCard Cloud Tap on Phone pilot to key customer wins like J.P. Morgan, there’s a lot to be proud of. It’s incredibly rewarding to be able to help businesses navigate the constantly evolving payments space and to be able to support businesses of all sizes as they create next level experiences.”
Exceptional Business Performance
To keep our partners ahead of the payment options that merchants and consumers demand, NMI partnered with Mastercard to launch the first ever pilot of Cloud Tap on Phone acceptance technology in the US, enabling contactless payments acceptance on mobile phones. This allows NMI partners to accept contactless payments while minimizing the need to invest in hardware terminals or extra features and delivering on consumer needs for touch-free cash alternatives.
NMI also has accelerated the growth of its global omnichannel payment offerings through its acquisition of USAePay. The combined company, on a pro-forma basis, accounted for $100+ billion in payment volume and 1.5+ billion in payment transactions in 2020. Combining each company’s leading solutions across e-commerce, unattended, retail and mobile payments, provides more value for partners and developers, enabling more modularity to create unique payment solutions for consumers.
For the last twelve months, ended June 30, 2021, NMI processed $150 billion in annual payments volume and 1.8 billion transactions. Additionally, the NMI affiliate partner base grew to over 2,800 while the number of merchants using their platform increased to over 250,000.
NMI’s ecosystem has already expanded in 2021, enabling payments for new partners including:
- J.P. Morgan: the #1 acquirer of web transactions in Europe for the sixth year running, is utilizing NMI’s portfolio of retail, mPOS, unattended and tap to mobile technologies to serve J.P. Morgan customers in a selection of European countries.
- Michigan Retail Association: A registered ISO of Synovus Bank and leader in processing credit and debit card payments for merchants, financial institutions and their business processing over one billion in card payments annually. Through their partnership with NMI, they will consolidate their processing across all reseller channels into a single managed interface.
- Metric Group: A global supplier of parking systems and transport ticketing solutions will be utilizing NMI’s platform in the UK and beyond leveraging our links to merchant acquirers and various payment methods for both card present and card not present transactions helping support Metric’s new product offerings.
Over the past six months, NMI has prioritized product launches and enhancements to continue delivering safe, convenient payment experiences to their partners and the end merchant as consumer preferences have evolved and in-store shopping returns.
- Apple Pay Mass Enablement Service: The NMI platform is one of the first payment gateways to allow merchants to configure everything in a few simple steps right from the merchant portal for our online checkout solutions without ever needing to interact directly with Apple and thus simplifying the process and removing the cost merchants previously faced when integrating Apple Pay.
- Automatic Level III: Allows merchants to automatically get Level III processing rates for all card-not-present transactions on their account without requiring the merchants’ software to support Level IIl.
- Processor and device certifications expansion: Added support for numerous processors pushing us to completing over 300 EMV certifications and new devices for the retail vertical.
- 3D Secure: Added 3DSv2 support for our online checkout offering and additional processors to further enable the ability for extra fraud protection.
- China Union Pay: The NMI platform now supports China Union Pay acceptance with the Discover network for e-commerce, opening up our merchants to sell to over 9 billion new cardholders.
“We have had tremendous success this year, both within our own organization and in the larger finance and tech communities,” said Sondhi. “Our growing number of merchants, payments volume and transactions – not to mention our thriving talent pool – demonstrate our continued dominance in the market. We are innovating and establishing ourselves as our own payments ecosystem – and we have a lot more to show people before 2021 is over.”
Heading into the second half of the year, NMI plans to roll out its own tap to mobile solution and marketplace, as well as launch partnerships across software-led payments, banking and unattended payments.