Nexi Teams Up with Amazon Italy for Bancomat Pay Support

28 Aug, 2024

Nexi Teams Up with Amazon Italy for Bancomat Pay Support

Nexi has announced a partnership with Amazon Italy to integrate BANCOMAT Pay into Amazon’s Italian website, allowing customers to use local debit cards for purchases. BANCOMAT, Italy’s leading ATM operator and debit card provider, has been working to enhance its online payment services with the support of Italian private equity fund FSI, which holds the largest share in the company. With 34 million BANCOMAT cards in circulation, Italians primarily use them for ATM withdrawals, but the partnership aims to expand their use for online transactions.

Currently, BANCOMAT manages around 2 billion payment and withdrawal transactions annually, totaling over 160 billion euros. The collaboration with Amazon is expected to leverage Nexi’s strong domestic presence and international reach, aligning with the global trend of mergers and acquisitions in the payments sector. This move comes as companies seek to boost their technological capabilities and compete with new market entrants.

Additionally, FSI’s investment in BANCOMAT and its joint venture with ICCREA and Banco BPM to build a retail payments business reflects a broader strategy to consolidate and enhance the payments infrastructure. Intesa Sanpaolo, which owns a stake in BANCOMAT, also contributed to the technology development for this partnership.