Wix Now Offers 'Tap to Pay' For Android Customers, Should You Buy The Stock?

After providing positive revenue growth targets and analysts continuing to remain bullish on the company’s performance, Wix.com WIX has launched its Tap to Pay service for Android customers now after six months of service to Apple customers.

What Happened: Global SaaS platform, Wix.com introduced Tap to Pay on Android through its partnership with payment processing platform, Stripe. The goal is to make in-person commerce easier for U.S.-based merchants. Secure, contactless payments directly from Android devices will be the benefit to Wix merchants without the need for additional hardware.

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Consumers can use credit cards, debit cards, Google Pay, and other digital wallets to close their product purchases, bookings, and events solutions. “Our expanded partnership with Stripe enables merchants to turn their Android devices into a POS terminal so they can readily embrace the future of contactless payments,” Co-Heads of Wix Payments commented.

Wix and Stripe also extended a partnership in early March 2023 for bringing Tap to Pay on iPhone to U.S.-based Wix merchants.

Recently, Sephora became JPMorgan Payments’ first customer to promote Tap to Pay on iPhone.

Read More: Sephora Stores Accept JPMorgan's Tap To Pay App On iPhones To Boost Cardless Payment

Wix’s Financial Standing: In its recent Q2 earnings, the company saw a revenue growth of 13% while Partner subscribers increased 35% relative to revenue +36% y/y. The company at its recent analyst day estimated an increase in its 2025 FCF margin target to 25% (from 20%). The company also sees revenue growth remaining at current levels of (+/- 13%) taking the FY25 free cash flow to around $500 million. Since the past two months, analysts have continued to reaffirm its Market Outperform and Buy rating on the stock.

Price Action: Currently, WIX shares are trading 1.4% down while in the past 6 months of trading, WIX reported an 8.6% surge in price.

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