- The Satispay payment system is ready for integration with Ingenico, a leading provider of payment terminals.
- The venture will be launched with an initial roll out of 83,000 businesses with BCC bank accounts, thanks to the alliance between Satispay and ICCREA Bank, Satispay’s main corporate investor.
- Satispay will be the first mobile payment system in Europe to reach such a high number of payment terminals.
Milano, 21 June 2016 - Satispay, a young Italian company that has radically redefined mobile payments, and ICCREA Bank announce a synergy that will generate immediate benefits for BCC’s own clients and amplify the reach of the Satispay payment system.
The latest development emerging from the partnership is the integration of the Satispay system with Ingenico payment terminals, the most widespread terminals on the market. The integration is a response to an existing market need: Sinergia, the division of BCC that manages all back office operations, has established the added value that this integration will generate for the 83,000 businesses with BCC accounts. These businesses will be the first to receive the new payment terminal software. With such a high number of merchants, the venture represents the largest scale integration between mobile payment systems and payment terminals in Europe. Currently, with 4,500 registered stores in Italy, for Satispay, the project signifies a significant boost in growth and development.
While the solution was made specifically for BCC’s clients, it can be integrated on all
1.7 million Ingenico terminals in Italy regardless of the bank operator.
Thanks to efforts by Ingenico, the software update instantly connects the payment terminal to the Satispay system allowing the merchant to easily activate the reception of Satispay payments.
In addition to promoting this new opportunity to their business account holders and Ingenico customers, BCC has already committed to promoting Satispay to their clients through their online banking channel. That is, as of June, all of approximately 1,200,000 BCC clients can learn about the service and instantly activate the Satispay app on their smartphone with one simple click.
Leonardo Rubattu, General Director of ICCREA Holding, (Parent company of ICCREA Bank), declared, “Iccrea Bank is proud to support these three young Italians whose intuition is leading Satispay to success at a European level. Through Satispay, BCC finds itself at the forefront of innovation as we offer our clients not only a payment solution with competitive prices but also a new platform for the promotion and development of their business. In the face of the great changes taking place within the payments industry, what we are witnessing today is an unprecedented collaboration between traditional operators - such as BCC and Ingenico – and emerging FinTech players, of which Satispay is an example of excellence. Together we aim to provide new benefits that arise from applying innovative technologies and models to finance. Iccrea Bank immediately recognized and believed in the Satispay project as leverage to innovate and reinforce the relation between BCC and its market. ICCREA Banking Group’s support for Satispay is part of a broad strategy within the FinTech landscape having also invested in Ventis.it, which aims to become the leading marketplace in the Italian online market. This will entail hundreds of thousands of hits per day within the next three years. It also means contacting and selling big brands in a variety of industries from fashion to interior design to lifestyle and food, providing exclusive space for BCC’s clients within the portal as well as the trademark "Recommended by BCC”. This innovative tool for relationship marketing will provide a major resource for BCC in the process of digitizing Italian SMEs.”
Marco Monti, Sinergia Director of Payments, commented, “Experience and observation can have more value than any market research. Noticing Satispay’s success in the field, we realized that it could offer a viable and cost-effective solution for our customers who are used to accepting card payments with terminals. Initial responses to the proposal have proven us right.”
Luciano Cavazzana, President and CEO of Ingenico Italia, added, "We are very pleased to have made our contribution to this important initiative, enabling our terminals to accept Satispay mobile payments. We believe that every innovative solution should be pursued with the aim of further spreading cashless payment systems in our country, while respecting security requirements, in order to facilitate merchants, retailers and professionals in accepting payments."
Alberto Dalmasso, Co-founder and CEO of Satispay concluded, “Established players with experience and vision, such ICCREA and Ingenico, are fundamental in helping Satispay achieve its key objective: change the habits and culture of payments. The more rapidly that such changes occur, the more likely they are to become reality. The initiative that we announce today represents an extraordinary surge in the momentum of Satispay’s growth. It is largely thanks to the determination and quality of the teams that we work with.”
More than simply increasing the immediate number of merchants accepting Satispay, the project is expected to spread a new payment culture, which will encourage the long-term growth of the app too. Satispay’s service is characterized by its complete independence from phone service providers and banks, meaning that it can be used by anyone. In order to increase security and reduce costs, the company eliminated credit cards and invented a new system that links the app to the customer’s bank account using the IBAN code. The once complex and costly payment process has thus been transformed by a unique app that is:
- SIMPLE: Making it possible to transfer money to phone contacts and pay in shops with as little effort as sending a message through WhatsApp.
- CONVENIENT: Thanks to its independence from traditional payment circuits, Satispay is completely free for personal accounts and extremely advantageous for businesses. With no activation costs or monthly fees, the only expense for merchants is a fixed commission of 0.20 € on transactions above 10 € (payments below 10€ are free of charge).
Beyond revolutionizing payment technology, the invention has also fostered a cultural change that has transformed the everyday habits of individuals, establishing a foundation for new trade models and interactions between customers and vendors.