Nexi Sees Significant Growth in Mobile Payments in Italy

European PayTech company, Nexi, recorded an 88% increase in the value of in-store mobile payments and smartwatch transactions in Italy in 2023, according to new data.

The group’s technological infrastructure is instrumental in driving the evolution of this growing sector. Further data released by the Innovative Payments Observatory of the School of Management of the Polytechnic of Milan reveals a 78% increase in mobile-based payments overall in Italy last year. This brings the total value to an impressive 29 billion euros.

Increase in Payments Processed via Nexi

The number of payments processed by Nexi via smartphones and wearables saw a significant rise of 103% during 2023. Additionally, there was a 41% increase in the number of Nexi cards registered on apps that virtualize the card on smartphones, such as Google Pay, Samsung Pay and Apple Pay.

Emiliano Imbimbo, Head of Digital VAS of Nexi Italia, noted the importance of this growth. He highlighted a 41% increase in innovative card-based payments made by consumers in Italy over the past few years. This, combined with the rises over the previous two years (53% in 2022 and 50% in 2021), demonstrates a clear preference among Italians for these solutions for their smartphone purchases, both in physical stores and online.

The Popularity of NFC Payments

In further evidence of the preference of Italian consumers for card-based mobile payment solutions, Near Field Communication (NFC) payments reached a value of €26.7 billion last year. This equates to 92% of total mobile transactions, a significant increase from €15.5 billion in 2022 (89% of total mobile transactions) and €5.7 billion in 2021 (87% of total mobile transactions). This data further underscores the growing trend of mobile transactions in Italy’s evolving economy.