Market Size of Italy Payments Industry
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Italy Payments Market Analysis
The Italian payments market is expected to register a CAGR of 11.04 % from 2022 to 2027. The Italian government and central bank-sponsored electronic payments. In October 2019, the government announced the Progetto Italia Cashless plan, which aims to promote digital payments and eliminate the use of cash.
- Visa, American Express, and Discover are key competitors in the Italian payment market. American Express and Discover provide credit cards to consumers directly instead of Mastercard and Visa, which offer through banks and third-party providers. Mastercard and Visa have a near-duopoly on the payment processing market with this offering.
- Nexi (the country's leading acquirer) partnered with its financial institutions to launch the Micropayments refund initiative in August 2020 to increase card acceptance among small merchants in the Italy market. Small merchants are eligible for a refund on merchant fees of up to EUR 10 (USD 11.23) through this initiative until December 2021. This applies to payments made using Visa, Mastercard, and Bancomat payment cards at physical and virtual POS terminals.
- Mobile payments are used for various operations, such as ordering takeout food, purchasing movie tickets, and upgrading smartphone games, which is expected to drive the growth of the Italian market. In addition, the use of debit or credit cards to make these payments is increasing in both developed and developing countries. This factor is expected to boost the market's growth even further. This is due to the fact that card information can be saved on mobile phones, and payments can be quickly processed.
- E-commerce improvements made to meet COVID-19 requirements would most likely be carried over into Italian e-commerce in the future. For example, in Italy, online service providers such as Uber upgraded their infrastructure to allow merchants to receive payments daily rather than weekly, and they expanded the number of devices merchants can use to process orders.
- The COVID-19 pandemic had little impact on the Italian economy. According to the Bank of Italy, overall consumption was estimated to decline by 11.7 % in 2020, with goods falling 6.4% and services falling 16.4%. During this year, the use of online payments fell gradually, with the value of goods and services settled with payment cards, the vast majority of Italian e-payments - falling negligibly.