Praxis Tech gears up towards major growth with recurring payments upgrade

With offices in Limassol, Praxis Tech, a payment orchestration company whose products and services have been primarily focused on iGaming and Forex industries, is opening up towards new verticals with a major upgrade of its recurring payments feature. 

Announced earlier this year by the Company's CTO Guy Karsenti and released this week, recurring payments with advanced customisation options are now available to all merchants using the Praxis software. This rollout will allow Praxis to tap into the growing market share of recurring payments, an announcement from the company said. Projected to grow steadily at a CAGR of 16.10%, the global subscription/recurring billing management market is expected to reach a staggering USD 22,768.38 million by 2030, the announcement continued.

"I joined Praxis earlier this year with the vision of expanding its product portfolio, as well as honing the current offering. While accommodating our existing clients remains our top priority, we look into bringing our payments orchestration platform to new verticals. Recurring/subscription payments have been one of the strongest trends in online payments, and tapping into this consumer behavior on a bigger scale opens further potential for Praxis and our clients", commented Praxis CTO Guy Karsenti.

"This upgrade of our recurring payments feature is one of the most anticipated releases for Praxis recently, and I thank our Technology team for making it happen. While our recurring payments capabilities have been accommodating use cases in the iGaming and Forex for quite some time, we are now able to serve industries like SAAS, online education, media and publishing, personal services such as dating apps, retail/consumer goods with scheduled shipments, telecom, all kinds of entertainment, including video streaming services. Allowing for such functionality and accommodating for new verticals in this manner puts Praxis in a different league of products," added Praxis Founder and Director Amit Klatchko.

As also noted in the company's announcement, Praxis has come a long way since its launch in 2014 and made a name for itself with its flagship product - Cashier. In 2022 Praxis uplifted its brand from Praxis Cashier to Praxis Tech, to reflect its expanded offering of new products - Praxis Direct (API) and Hosted Payment Fields (HPF). In the past year, reducing decline ratios and decline recovery has been among the company's top priorities, with its new products, such as BDCC (Background Dynamic Currency Conversion) and Retry with Open Banking. Now advanced recurring payments capability is the latest addition in the Praxis solutions lineup.