image credit:nexigroup
July 2 Nexi announced a cooperation with Amazon’s local arm to enable consumers to buy on its Italian website using BANCOMAT Pay, a local debit card service.
After Italian private euquity fund FSI became the largest stakeholder, BANCOMAT, controlled by more than 100 Italian banks, has been expanding its online payment service BANCOMAT Pay.
Italians utilize 34 million BANCOMAT cards for ATM withdrawals.
In Italy, BANCOMAT handles over 2 billion debit card payments and withdrawals totaling 160 billion euros annually.
Amazon required partners with a strong local and worldwide presence, and Nexi Merchant Solutions Director Italy Filippo Signoretti said the firm matched the bill.
Mergers and acquisitions have driven fast growth in the payments business as corporations seek financial power to stay up with technical developments and new competitors.
FSI, an Italian fund, bought a 43% interest in BANCOMAT and built a merchants’ payment company alongside ICCREA and Banco BPM to bet on future consolidation.
Italy’s leading bank, Intesa Sanpaolo holds 18% of BANCOMAT, followed by UniCredit with 11%. UniCredit was a technical partner in the Nexi-Amazon agreement.
In April, BANCOMAT and Nexi signed a multi-year deal to establish a centralized IT infrastructure to handle its new payments.
Comment Template