We are excited to share that Grasp Technologies virtual card platform, GraspPAY, has surpassed the $250 million USD threshold! Our virtual payment solution that is broadly accepted across the globe has had significant growth both organically with increased volume from existing clients expanding their virtual card usage, as well as adoption from new clients that are looking for enhanced reconciliation and a seamless traveler check-in experience.
GraspPAY started primarily as a virtual card tool for agencies and quickly evolved to have automated integration into online booking tools. During the COVID-19 pandemic, virtual payment transactions through GraspPAY hit a new record, with an increase of 56% from May to June 2020, and a total increase of 103% from the bottom of April to June 2020.
During this time we saw more need for touchless transactions in the hotel space, as well as an increase in guest travel and instant purchase bookings. These factors, and our continued innovation in the market to drive acceptance and ease of use for all parties involved, continue to drive the ever-increasing demand for GraspPAY.
We look forward to sharing upcoming developments on the evolution of our fastest growing product, GraspPAY!