Fiserv's digital offerings proved to be vital in the fourth-quarter of 2020, while its client base continued to struggle through the global pandemic.
On the merchant acquiring side, the Clover point of sale system's gross payment volume grew 25% to $34 billion in the quarter, Frank Bisignano, president and CEO at Fiserv, said Tuesday during the company's earnings call. That transaction volume growth was indicative of what Fiserv has seen
"We continue to extend the breadth of services to Clover merchants with innovative solutions that enhance convenience, especially in the digital segment," Bisignano said.
Fiserv brought the Clover product line into the company as part of its $22 billion acquisition of First Data in 2019. Fiserv has seen independent software vendors drawn to Clover to enable digital connections such as online order-ahead capabilities, with 44 signing on in the fourth quarter to bring the company's total to 176.
Fiserv also reported order-ahead and in-store pickup volume grew at a 125% clip.
The Carat omnichannel platform for large and multinational clients launched in November, and Fiserv is counting on the offering to be attractive to companies as they monitor how to best serve customers in a lingering and eventually post-COVID environment.
Fiserv reported $3.83 billion in revenue for the fourth quarter, about a 5% drop from the $4 billion the previous year in which the holiday season wasn't deeply affected by the pandemic. Revenue for the year came in at $14.8 billion, a 46% jump over the $10.1 billion in 2019 and reflective of a full year of being combined with First Data.
Net income for the quarter was $300 million, up from $247 million the previous year.
The payments unit brought in $1.42 billion in the quarter, down slightly from $1.45 billion a year ago.
About 40% of Fiserv revenue comes from the company's acceptance unit. It recorded $1.44 billion revenue for the quarter prior to figuring in currency impact and other adjustments, also down only slightly from the $1.46 billion in 2019.
The company's fintech unit for mobile banking and other digital services recorded revenue of $742 million, a dip from the $751 million the previous year.
