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Pushpay battles strong Kiwi dollar to double committed revenue

CEO says target of 100 per cent growth in annual committed monthly revenue is still achievable.

New Zealand-listed Pushpay has increased its merchant annual committed revenue by NZ$6.4 million to NZ$20.4 million over the three months to 31 December 2015.

The increase of 46 per cent is the first installment of the company's short-term target to increase merchant annual committed monthly revenue (ACMR) by more than 100 percent in the six months to 31 March.

Chris Heaslip, Pushpay's chief executive, said the company continues to target a doubling in merchant ACMR to NZ$28 million.

"We increased Merchant ACMR by NZ$6.4 million to NZ$20.4 million over the quarter, an increase of 46 per cent even in the face of a strengthening NZD.

"We will continue to execute on our USA growth plan, and remain confident in reaching our medium-term target of exceeding NZ$100 million of merchant ACMR by August 2018."

Pushpay is hoping to achieve "hyper growth" targeting the US faith sector, enabling mobile donations.

Last year Pushpay launched additions to its payments technology including eChurch Apps, Pushpay Fastpay and Virtual Terminal/Envelope Giving.

eChurch Apps allows churches to create and customise their own branded apps for iOS and Android. Fastpay allows app vendors to integrate a "five second giving experience" into their mobile apps.

"We will continue to expand Pushpay Fastpay to facilitate additional types of digital payments," the company said in November.

Virtual Terminal/Envelope Giving allows church administrators to process envelope-based credit card, debit card and ACH payments through Pushpay.