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The processor Paysafe Ltd. early Wednesday reported it processed $43.9 billion in volume in the March quarter, a 10% improvement over the same period last year, with 19% growth in the company’s digital-wallet segment outpacing the much larger merchant-solutions unit, which posted an 8% jump, to $37.2 billion.
Paysafe has pinned much hope on a new digital wallet, dubbed Paysafe Wallet, which the company said posted “record monthly actives” in the quarter. Lately, the company said it has been promoting the new wallet through campaigns aimed at encouraging user engagement. The wallet unit as a whole generated $216.3 million in revenue for the quarter, a 15% rise year-over-year.
Other niches producing double-digit increases in revenue include e-commerce, aided by the Paysafe’s longstanding position in casino processing, the company reported. Revenue from i-Gaming grew 28% in the quarter, year-on-year, helping to drive a 17% revenue jump in e-commerce revenue. In this segment, the company launched a pay-with-crypto option for U.S. players during the quarter, allowing them to make deposits in stablecoins or other cryptocurrencies. This option is supported by MoonPay.
In the small-business category, Paysafe reported it eked out a 2% increase in revenue for the quarter.
The company’s revenue for the quarter totaled $442.7 million, rising 10% from the same period last year Reported gross profit came to $250 million, led by the digital-wallet segment, at $151.4 million. That total for the company represents a 10% improvement over the same quarter last year.
