Bancomat to unleash digital payments in Italy– FinTech Futures

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Italian interbank network Bancomat will introduce its new digital payment service, Bancomat Pay.

Expected for "next autumn"

Anticipated for “next fall”Via an agreement with SIA, Bancomat Pay will integrate the instantaneous mobile payments Jiffy service, allowing PagoBancomat cardholders to pay, in shops and online, and to send and get loan in genuine time from their smart device.”With Bancomat Pay, we plan to take our initial step to entering the world of payment services of the future where it is not just cash that is dematerialised however the card itself. Together with banks we wish to be the facilitators and champions of modification and development for the nation”, states Alessandro Zollo, CEO of Bancomat.This collaboration will allow brand-new payment services to be made available to PagoBancomat cardholders, based on innovation solutions currently produced by

SIA, in particular P2P payments.Upon launch of Bancomat Pay– anticipated for “next autumn”– it will be offered to around five million users signed up with Jiffy, at over 2,000 outlets, generally” large-scale retail

“ones, and on PagoPA for payments to the Italian public sector.As reported last year, Jiffy was provided in over 150 outlets in Milan, Rome and Turin. The person-to-business( P2B)job was piloted in Milan and Bergamo in 2016. According to Bancomat, it has about 37 million PagoBancomat cardholders and over 440 banks using its services.It wants to establish the capacity of its new service “far beyond its existing market penetration “. No timelines or specifics

on any of that.Bancomat states it has a market share of around 80 %, with more than EUR87 billion of payments.In addition, 1.5 billion +deals yearly are made at over 2.1 million POS. It is owned by 132 Italian banks.SIA supplies its services in 48 countries. In 2017, it managed 13.1 billion clearing transactions, 6.1 billion card transactions, 3.3 billion payments, 56.2 billion financial deals and carried 784 terabytes of data on the network.