The world of digital payments is growing and evolving, and so is Birmingham-based Prepaid Technologies.

The digital payments company is expanding its operations with more staff and new technology in response to strong demand for more streamlined and real-time payment options.

The company, which raised $5 million in 2016 from Ballast Point Ventures, has grown its staff by more than 30 percent since August, making several key hires like Brian Thornsberry, who joined in November 2017 as Senior Vice President of business development and marketing.

It is also rolling out new payment options, including near-field communication wearable devices. In 2016, the company worked with Visa on wearable technology at the Olympics.

“Consumers have embraced the reliability and convenience of digital payments in every aspect of their lives, and they want to see those efficiencies translate to their business transactions as well.” said Stephen Faust, Prepaid Technologies president.

With these newer payment options, Faust said the company anticipates even more growth in 2018, after more than 20 percent growth in 2017.

The $1.28 billion financial technology industry is growing at a rapid pace nationwide. Digital transactions grew more than 16 percent between 2016 and 2017, and Prepaid Technologies’ focus on bringing innovative solutions to business payments is helping companies of all sizes make and receive payments more efficiently, Faust said.

Source: By Angel Coker – Banking and Legal Reporter, Birmingham Business Journal