Carta Worldwide, a digital payments business owned and operated independently by Mogo Inc. has reported a 36% increase in payments volume for the 12 months ended December 31, 2023.
According to the firm, payments during this period reached $9.9 billion driven by continued expansion in its core European payments business. The software company, which was founded in 2008 enables fintechs, banks, and corporations to issue payment products to consumers via multiple channels, including physical, virtual and tokenized cards, as well as payment switching and routing services.
The Carta platform provides the infrastructure to help business build and manage their payment systems while supporting prepaid, debit, and credit card issuer processing.
Greg Feller, President & CFO of Mogo Inc. said: “We believe the strong momentum in 2023 along with the substantial investment in Carta’s platform during the year, including the previously announced migration to Oracle Cloud Infrastructure, position the business for long-term growth in the $2.2 trillion global payments market.”
Changing payment needs
A recent study ‘Carta Worldwide Payments Pulse 2023: Why payments need purpose?’ revealed that consumers last year were focused on saving for the future, paying off debt, and adjusting their outgoings because they could no longer afford their current lifestyle.
It highlighted the importance for firms to align with customer values and emerging needs, centred around their financial goals, savings, and security. During downturns, values take on heightened importance and it will be the agile payments providers that find innovative ways to help consumers better manage their spending that will be successful, the report said.
It further noted that for disruptive services like “embedded payments” to gain traction during the downturn it is imperative that companies align payments with purpose.
Consumer needs changed last year as a result of a rise in cost of living and to meet these needs trusted and traditional methods need to be combined with real purpose, the report said.
“The research clearly shows that there is an emerging demand for purposeful payments from supporting new financial goals, better insights into spending, and more security. With many providers struggling to meet these demands, those that are able to deliver payments with purpose will be in pole position,” Richard Wray, Chief Operations Officer at Carta Worldwide added.
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