Smart Passes Wallet-Native Loyalty Launch Might Change The Case For Investing In PAR Technology (PAR)

• In December 2025, PAR Technology Corporation launched Smart Passes, a wallet-native loyalty solution within its PAR Punchh platform that lets restaurant brands deliver real-time, app-free rewards and offers through Apple and Google Wallet on guests’ mobile phones.
• This move positions PAR to deepen its role in restaurant guest engagement by integrating loyalty directly into everyday mobile behavior, potentially enhancing the appeal and revenue opportunity of its broader cloud platform for operators.
• We’ll now examine how embedding loyalty directly into Apple and Google Wallet could influence PAR Technology’s long-term growth and profitability narrative.

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PAR Technology Investment Narrative Recap

To own PAR Technology, you need to believe its unified restaurant platform can convert product breadth into recurring software revenue and a path toward smaller losses. The Smart Passes launch fits that story, but on its own it does not meaningfully change the near term execution risk around delayed POS and payments rollouts or the company’s ongoing unprofitability.

The most relevant prior update is the introduction of Punchh Wallet in October 2024, which first tied loyalty to Apple and Google Wallet. Smart Passes looks like an evolution of that capability, reinforcing the catalyst around deeper cross sell within PAR’s Engagement Cloud and potentially helping the company increase average revenue per customer if large brand rollouts keep progressing.

Yet even with these product advances, investors should be aware that slower than expected POS and payment deployments could still...

Read the full narrative on PAR Technology (it's free!)

PAR Technology's narrative projects $608.8 million revenue and $55.1 million earnings by 2028.

Uncover how PAR Technology's forecasts yield a $59.33 fair value, a 59% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community members currently place PAR’s fair value between US$59.33 and US$66.57, well above the recent share price. You can weigh those views against the risk that delayed POS and payment rollouts hold back the revenue ramp that many shareholders are counting on.

Explore 3 other fair value estimates on PAR Technology - why the stock might be worth as much as 78% more than the current price!

Build Your Own PAR Technology Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your PAR Technology research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free PAR Technology research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate PAR Technology's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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