Mobile payments in Italy could reach €10 billion a year

According to the European Times, a recent report by the University of Technology in Milan, Italy, showed that in 2018, Overall deal sizes for mobile payments in Italy are expanding rapidly, up 650% from previous years.

The report predicts that the annual transaction volume of mobile payment in Italy will reach €10 billion in the next few years.

Recently, the Osservatori digital Innovation del Politecnicodi Milano Polytechnic University released its latest report on mobile payments, the report said.

The report said about one million people in Italy are using mobile phones for payment, with an average transaction value of 500€ per person per year.

According to the report, 1/3 of people use Satispay, a native Italian mobile payment software. In 2018, the total value of transactions made through Satispay reached €100 million, accounting for 60% of the total value of mobile payment transactions.

In addition, the report shows that many Italian families choose to change the traditional payment methods and start to accept the new payment mode.
In 2018, total credit card and digital payments transactions in Italy totaled €240 billion, up 9% from the previous year, with 4.2 billion transactions (up 16% from the previous year) and an average transaction value of €57(down 6% from the previous year).

The total volume of transactions paid by Italy via mobile phones rose by 40% in 2018 over €8.4 billion, accounting for 31% of total e-commerce turnover. Of these, the total amount used to buy food accounted for 32%, clothing accounted for 45%.

In addition, Italians spent €90 million(49% more than in 2017) on cars and bikes, €35 million(29% more than in 2017) on parking, and €15 million (11% more than in 2017) on bus or subway tickets.

The report expects digital payments to exceed €125 billion in 2021.

The report argues that the shift from traditional payment models to mobile payment models is unstoppable.