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Shift4 Payments partners with Amazon to introduce checkout-free shopping at large venues

Published Oct 06, 2023 09:27AM ET
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In a strategic move amidst a downturn in the fintech industry, Shift4 Payments (NYSE:FOUR) has partnered with Amazon (NASDAQ:AMZN) to implement checkout-free shopping at large venues. The initiative debuted at Chicago's United Center on Friday. This collaboration comes as the Global X FinTech ETF (NASDAQ:FINX) has seen a nearly 50% decline over the past three years, creating a stock-picker's market within the sector.

Despite the industry-wide slump, Shift4 has reported robust growth in payment volume. In Q2 2023, the company noted a 59% YoY increase and a 487% rise since Q2 2019. This growth is largely due to a strategic shift in the company's business model. Previously focusing primarily on serving restaurants, Shift4 has now begun signing contracts with larger venues such as resorts and casinos.

The partnership with Amazon is designed to enhance customer experience through checkout-free shopping rather than directly increasing revenue. However, Shift4's profitability has been outpacing its revenue growth, suggesting a successful transition in strategy.

Looking ahead, Shift4 plans further expansion through ticketing services for large venues and cross-border payments. This follows its acquisition of Finaro, indicating an ambitious growth trajectory despite the challenging conditions in the fintech sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Shift4 Payments partners with Amazon to introduce checkout-free shopping at large venues
 

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