Digital payments and loan originations are driving revenue transformation for NCR Corp., which is known originally as a provider of automatic teller machine (ATM) and point-of-sale hardware, as the company advances its software-as-a-service (SaaS) migration plans.

For the first quarter, Atlanta-based NCR‘s payments and network revenue skyrocketed nearly 1,260% year over year to $299 million from $22 million. The company’s June 2021 acquisition of Cardtronics, a provider of cardless ATM solutions and ATM networks, and January 2022 acquisition of LibertyX, maker of cryptocurrency software that NCR said it will use to deliver “a complete digital currency solution” to clients, contributed to the revenue jump.

“Everybody uses your digital device payments as a retail client, as the consumer,” Michael Hayford, chief executive officer at NCR, said last week during the company’s Q1 earnings call. “Payments are very active, reviewing accounts, transferring money.”

Overall, revenue increased 21% YoY to reach $1.9 billion in the first quarter, up from $1.5 billion in Q1 2021. NCR noted that COVID, the war in Ukraine and inflation have dampened first-quarter results. Total Q1 revenue included $3 million in sales to Russia, where NCR is winding down its business.

“The big movement in digital banking is in account originations,” Hayford said when asked what was driving digital bank adoption. He did not provide additional details on the specific types of origination.

NCR in February 2021 announced its acquisition of Terafina, a provider of account opening and onboarding solutions across digital, branch and call center channels. That is also helping NCR pick up SaaS business as it cross-sells Terafina products to existing bank and credit union clients, Hayford said on the call.

Adjusted net income for Q1 was $271 million, up 5% YoY. The company does not break out its technology spend.

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