Financial Performance - Q2 2025 - Revenue reached $428 million[5], a 3% decrease year-over-year[21, 45] - Organic revenue grew by 5% year-over-year[21, 45] - Adjusted EBITDA was $105 million[5], a 12% decrease year-over-year[21] - Unlevered Free Cash Flow (uFCF) was $53.869 million[54] - Adjusted net income was $0.46 million[5] Segment Performance - Merchant Solutions revenue was $232.2 million[39] - Digital Wallets revenue was $201.2 million[39] - Merchant Solutions organic revenue growth was 6%[25, 47] - Digital Wallets volume increased by 15%[26] Financial Position - The company has a net leverage ratio of 5.4x[5] - Total debt is $2.551 billion[27] - Net debt is $2.285 billion[27] - Available liquidity is $414 million[27]

Core Insights - The Asia Pacific region is leading the global shift towards a cashless economy, with digital wallets accounting for nearly two-thirds of global spending at approximately $9.8 trillion in 2023, and the highest penetration rates among all regions [17][15][10] - Public-private collaboration is essential for enhancing payment interoperability, with governments introducing regulations and infrastructure to support digital payment systems [33][40][54] - Digital wallets are evolving into super apps, integrating various third-party services to streamline the shopping experience and cater to omnichannel commerce [56][57] - Fintech innovations are driving financial inclusion and sustainability, providing opportunities for micro, small, and medium enterprises (MSMEs) while addressing environmental concerns [18][19][25] Group 1: Digital Payment Evolution - Digital wallets have become the preferred payment method globally, representing 77% of e-commerce transaction value in the Asia Pacific region in 2023 [21][22] - The digital wallet market is projected to grow at a CAGR of 13% through 2027, driven by the increasing adoption of interoperable QR codes [25][15] - The Asia Pacific region is home to the fastest-growing digital wallet market, with significant participation from banks, credit card companies, and fintech players [31][32] Group 2: Public-Private Collaboration - Governments are investing in digital payment infrastructure to enhance connectivity and interoperability, with over 100 countries implementing government-backed fast payment systems as of June 2023 [41][40] - Cross-border payment solutions are being developed to facilitate seamless transactions for consumers traveling abroad, with initiatives like Project Nexus connecting payment systems across regions [51][45] - Public-private partnerships are crucial for the success of digital payment initiatives, as seen in the collaboration between Alipay+ and various national QR schemes [54][55] Group 3: Digital Wallets as Super Apps - Digital wallets are transitioning into super apps, offering a suite of services that enhance the shopping experience and simplify user interactions [56][57] - Super apps allow for integrated services, enabling users to access multiple functionalities without needing separate applications [56][57] - The success of super apps in regions like Southeast Asia is evident, with platforms like Touch'N Go evolving from transportation payments to comprehensive digital wallet solutions [57] Group 4: Fintech and Sustainable Growth - Digital payments are instrumental in promoting financial inclusion, particularly for MSMEs, by providing access to financing and facilitating business growth [18][19] - The integration of carbon offset programs within digital wallets reflects a growing emphasis on sustainability in the fintech sector [25][19] - The evolving landscape of digital payments is seen as a pathway for enhanced user engagement and value creation in the fintech industry [18][19]