Feedback: Satispay demonstrates its success

Mobile payment is a success story for many players around the world, from web giants to historic banks to innovative start-ups. Among the latter players, Satispay has established itself as a model in its home market: Italy. Its success has been proven and its latest results are proof of this.

FACTS

• One in four purchases made in Italian shops was made via Satispay in Italy last year.

• More importantly, 70% of the total volume of non-NFC payments made in shops was made via Satispay, representing 700 million euros in transactions and a 135% increase over 2020.

• In its ten years of existence, Satispay has managed to attract more than 1.5 million users and nearly 130,000 merchant partners (including major retailers such as Carrefour, Auchan, Autogrill and KFC).

• It was even valued at over $1 billion after a $215 million round of financing in early 2022, becoming the first Italian unicorn.

• Its innovative model has succeeded in establishing itself. Satispay is the originator of a mobile payment solution based on a bank account and, above all, disconnected from traditional card networks.

CHALLENGES

• To stand up to the web giants: 26% of all mobile payments will be made via Satispay in Italy in 2021, despite the presence of Google Pay and Apple Pay on the market.

• Growth driven by the growth of an entire market: Satispay can boast of very good results for its business. But its health also reflects that of the Italian digital payment market. According to the Observatory of Innovative Payments of the Milan research institute, the volume of transactions processed by digital payment in Italy in 2021 was 327 billion euros, an increase of 22% compared to 2020. Payments via smartphones and wearable devices jumped 106% to €7 billion. Contactless card payments remain the overwhelming favourite.

MARKET PERSPECTIVE

• Alternative mobile payment services are definitely gaining momentum in southern European territories. Satispay's success may be that of a FinTech, but it illustrates the appetite of customers in these countries to adopt innovative mobile payment solutions in their markets.

• Thus, in addition to Italy and Satispay, the success story of Bizum in Spain also seems to illustrate this trend.