The past is prologue, right? What has happened before sets the stage. Some famous English writer in the olden days wrote something along those lines.
In the case of mobile payments and commerce, the last five years in the history of Braintree —since it was bought by
We at PYMNTS don’t exactly have a crystal ball, but we do have data and sources — among them
The main data point? Since that acquisition, Braintree has processed more than $500 billion worth of transactions. This year alone, six billion transactions have passed through its platform. And in 2017, its revenue increased 54 percent year over year, as further explained in a fresh
It was only three years ago that Braintree achieved $50 billion in payments volume — underscoring the company’s rapid growth, he observed.
A big driver of that growth, Benitez told Webster, is the diversity of companies and brands that use the Braintree platform, a group that includes BP, KFC, Live Nation/Ticketmaster, TripAdvisor Experiences and Acer. And there are insurance companies in the mix as well, including Avant and MSIG. As well, Braintree has provided Venmo-enabled payments to the likes of
“We have high-flying, cutting-edge innovators in our platform, and also customers still trying to find their way through the transformations” being sparked and facilitated by mobile technology, Benitez noted.
But maybe instead of using ecosystem as the metaphor — at least for purposes of the Braintree milestones, and what will come in 2019 — perhaps a better one can be found. Braintree is not just a processor, as Benitez pointed out during the PYMNTS interview, but more of a mobile payments enabler that delivers not just payments processing services, but also new customers to businesses and merchants by connecting them to PayPal and Venmo’s two-sided platforms. “We bring merchants orders,” he told Webster.
By example, Benitez cited the
The ideal? “Stronger, richer engagement” for those who use the Braintree platform, Benitez said, getting to that new metaphor for 2019. “We are going to build that connective tissue” for mobile commerce and payments, the tissue that encourages seamless transactions, he noted.
In other words, five years in, it’s no longer so much about developing the mobile ecosystem, but taking the opportunity to transform it.