Enabling Technologies

When Mobile Payments Pay Off: Lower Fees, Higher Security and Faster Service

MEDICI

Milan, 6 October 2016 – Satispay, a young Italian company that has radically redefined mobile payments, and the Italian Taxi Union (URI) are announcing an integration between the apps: Satispay and it Taxi.

Satispay is characterized by its complete independence from service providers, banks as well as credit and debit card networks. Instead, the mobile payment app connects to the user’s bank account using the more secure IBAN code. The app is available for iOS, Android and Windows Phone. Over the next months, up to 12,000 taxi drivers in Italy will start accepting payments with Satispay. Having focused primarily on the North Italian market, this partnership represents one of Satispay’s first large-scale national operation. It will have a considerable impact particularly in Rome and Milan where there are a high number of taxis in circulation.

Always ready to embrace the most interesting and innovative technologies, Lorenzo Bittarelli, President of URI, greets this collaboration with open arms. It is a response to all URI customers and Satispay users that frequently ask, “Can I pay for the ride from my phone?”

Over 120 thousand people have already downloaded the Satispay app in Italy, with an average growth rate of 300 downloads per day. It is also accepted by 7,500 merchants throughout Italy and growing daily by 50 new merchants. Satispay has been able to achieve these results in such a short time by taking the once complex and costly payment process and transforming it into a smartphone app that is both simple and inexpensive. That is, it makes sending money to phone contacts and paying in stores (online and physical) is as easy sending a message or checking-in on social media. Furthermore, by bypassing traditional payment circuits, Satispay is able to offer a service that is free for private users and extremely convenient for businesses (taxi drivers in this case). With no activation costs or monthly fees, merchants are only asked for a fixed commission of 0.20€, only on transactions above 10€.

With Satispay, the taxi driver community embraces a revolutionary payment method that increases security (by removing cash) as well as profits (by decreasing transaction fees). Last but not least, the service improves the customers’ experience getting from point A to point B without wasting any time paying at the end.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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