Special Report: In the fast-paced world of fintech, where innovation is the driving force behind industry growth, DataMesh has established itself as a prominent player in the payments landscape following significant growth in 2023 that is set to continue in the new year.
Led by visionary founder and CEO, Mark Nagy, DataMesh is making waves with its cutting-edge solutions that promise to reshape the future of payments.
The payments landscape has undergone a significant transformation over the past decade, with digitalisation at its core. From traditional cash transactions to the rise of credit cards, and now the era of mobile payments and cryptocurrencies, the evolution has been relentless.
According to the Reserve Bank of Australia, contactless card payments are used near-universally by Australian consumers, making up 95% of in-person card transactions in 2022.
DataMesh recognises the need to stay ahead of these changes and has checked off several milestones in the past year to position itself as a key player.
The company is revolutionising the payments sector through its suite of software tools including at the core, its Unify switching platform. The technology has been specifically designed to meet the evolving needs of banks, processors, payment networks, merchants and consumers.
The ‘all in one’ solution provides a modular, card present and eComm (card not present) capability as well as settlement and reconciliation engine and a sophisticated suite of other tools, that adapt to any acquirers’ or merchants’ existing architecture and legacy systems..
The low cost, high-performance software-as-a-service (SaaS) platform allows banks to rapidly respond to a merchant’s technical needs in an ever-changing consumer-led retail environment.
Paying for fuel with crypto
Unify enables multiple payment types from credit and debit, to proprietary cards and even crypto payments. DataMesh was recently named the Best Service Innovation in the AFR BOSS Most Innovative Companies list for 2023.
For example, DataMesh now has technology that allows consumers to pay for fuel using cryptocurrency, by converting over 25 types of crypto into Aussie dollars, in real time.
The new year is expected to bring in further advancements in mobile payments with the integration of decentralised finance (DeFi),and the exploration of central bank digital currencies (CBDCs).
Juniper Research predicts that total contactless payment transactions will blow out to more than $US10 trillion ($15.3 trillion) by 2027, with a massive 221% increase in contactless payments expected between 2022 and 2026.
Earlier this year, DataMesh raised a massive $30m in an oversubscribed Series A funding round to set itself up for global expansion.
The fresh funding injection allows the company to execute on large scale domestic opportunities as well as expand its footprint in the high growth payments processing industry.
Planning for the future
DataMesh is actively exploring partnerships, expanding its reach, and continuously refining its technology to stay ahead of emerging trends.
The company processes billions of dollars per year and in just a short time has secured lucrative deals with major banks internationally, such as Deutsche Bank, and in Australia with the likes of National Australia Bank (NAB) and ANZ.
The company’s tech is being used in multiple countries around the world, particularly in the Asia Pacific region.
As we navigate through 2024 and beyond, DataMesh is set to play a pivotal role in redefining how consumers transact and interact in the ever-evolving financial landscape.
This article was developed in collaboration with DataMesh, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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