BANCOMAT invests 30 million in the fintech payment revolution

Agreement with Sia for a technological hub. Alliance with Poste on card payments. The 'Cashless Lidi' plan for the summer. Here is the strategy of Italian fintech ante litteram.

Technology drives digital payments in Italy. Today they are worth a third of the total, according to the findings ofDigital payments observatory of the Politecnico di Milano, but the numbers are destined to grow, thanks to innovation that allows an ever greater dialogue between device and current account. ATM, an Italian company that symbolizes withdrawals and payments, records transactions worth in the first six months of the year 46 billion euros (+47%) vs the same period of 2020), with Average ticket 38 euros and with cashless payments that are worth 38% of transactions (doubled in a year).

In its business plan, ATM has allocated 30 million euros for new technological solutions to be implemented and in recent weeks it has announced a partnership with Sia for the development of a technological hub for digital payments. The memorandum, explains a Wired Oscar Occhipinti, marketing and sales director of Bancomat, “it will allow us to accelerate our ability to innovate. Have a closer relationship with Sia it gives us the opportunity to be strong and fast in releasing our solutions ready also for the European market.”

BANCOMAT, a fintech ante litteram

The relationship between ATM and digital technology dates back to the nineties, when the company launched the Pay-ATM which made it possible to settle an account without the need to have cash. A revolution for the time, fintech ante litteram.

“Today — explains Occhipinti — innovation in payment instruments can be divided into three blocks: there is the Contactless which started some time ago and has now taken hold; there is technology NFC transported on mobile phones and devices through a tokenization process; and then there is Bancomat Pay What is a product Mobile Only totally digital”.

Bancomat Pay is an application to download on the phone that allows you to make in-store and online payments, but unlike cards, it also allows you to exchange money in real time or to pay a merchant directly via the app.

“The transaction takes place because the number of dematerialized paper It is associated with the customer's telephone number and the IBAN of their current account”, underlines Occhipinti. The app, already present in the home banking of the main credit institutions, is on the smartphones of 11 million people in Italy and 110 thousand merchants already accept payments via Bancomat Pay as well as 10 thousand e-commerce merchants (including Pago Pa).

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