Global

Italy’s Central Bank Calls for Framework to Prevent Stablecoin Runs

Cointelegraph

"Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released “Markets, Infrastructures and Payment Systems” report for June has called on regulators to apply the same financial conduct standards to stablecoin issuers in the industry."

Tags: Italy

Global

Italian Shops, Financial Firms Seek Antitrust Line to Cut Card Payment Fees

Nasdaq

"Italian retailers, banks and payment firms have agreed to cut fees on small-sized card payments as demanded by the government, sources familiar with the matter said, but now want assurances from the Antitrust body that the deal does not harm competition."

Tags: Italy

Global

Italian Drug Cartels Conceal Payments Via Chinese Shadow Banks

Reuters

"Drugs cartels operating in Italy are increasingly using shadow networks of unlicensed Chinese money brokers to conceal cross-border payments, according to Italian judicial and law enforcement authorities. The development highlights how an issue that U.S. authorities have been battling in connection to Latin American narcotics groups has taken root in Europe."

Tags: Italy

Global

Italy Aims to Cut Retailers’ Digital Payment Costs Via Levy on Banks, Lawmakers Say

Reuters

“Italy’s parliament has approved a measure in the 2023 budget paving the way for a levy or “solidarity contribution” from banks and payment processing firms in order to cut fees on digital payments for shopkeepers, two lawmakers said. The move follows a decision to drop a provision that would have relaxed sanctions for retailers who refuse card payments, following criticism by the European Commission.”

Tags: Italy

Global

Discover and BANCOMAT Establish Partnership to Increase Acceptance in Italy

Business Wire

“BANCOMAT and Discover signed a strategic agreement that increases acceptance for Discover, Diners Club International and network alliance cardholders, all part of the Discover Global Network. This new partnership will give cardholders the ability to use their cards and mobile payment products on the BANCOMAT network throughout Italy.”

Tags: Italy

Global Systems

Italy Launches Cashback System To Incentivize Christmas Shopping And Counter Tax Evasion

Forbes

“Amidst its worst health and economic crisis, Italy has launched yesterday a cashback scheme to incentivize Christmas shopping and counter tax evasion. Combined with the receipt lottery that is going to begin in January 2021, these actions are part of the cashless strategy that the government is implementing. The cashback system is meant to refund 10% of all payments made by card, up to €1,500 ($1,700) before the end of 2020.”

Tags: Cards Italy

Companies Deals Global

Jack Dorsey’s Square Invests $18 Million in Italy’s App Satispay

Bloomberg (paywall)

“Square Inc. , the payments company run by Jack Dorsey, is among new big investors in Italy’s mobile digital payment platform Satispay SpA , in a move aimed to expand its operations across European markets, according to a statement by Satispay. The San Francisco-based company invested about 15 million euros ($18 million) for a minority stake in Satispay, people familiar with the matter said, asking not to be mentioned because the value isn’t public. The deal is part of a larger round of investment of 93 million euros that will also be joined by China’s Tencent Holding Ltd , LGT Lightstone, Telecom Italia SpA ’s TIM Ventures and other investors, the statement said.”

Tags: Italy Square

Domains Global

Italy’s Nexi to Merge with SIA in Pursuit of European Payments

Reuters

“Italy’s Nexi and SIA agreed a long-awaited merger on Monday to create a dominant domestic payments group with 1.8 billion euros ($2 billion) in revenue and ambitions to expand in Europe. An Italian preference for cash has held back digital transactions in the euro zone’s third-largest economy and Rome is encouraging a shift to electronic payments in its battle with the so-called black economy. The COVID-19 pandemic has accelerated the switch away from banknotes and the government hopes the Nexi-SIA combination will complement planned state incentives for digital payments.”

Tags: Italy Remote Commerce

Domains Global

Credorax Partners With Mondial to Launch Omnichannel POS Acquiring in Italy

PaymentsSource (paywall)

“Mondial Bony has partnered with Credorax to launch the MondialPOS merchant acquiring solution in Italy to address the country’s shift to e-commerce amid coronavirus. The new partnership will allow Mondial Bony to expand beyond its money remittance platform, where it is an authorized payment institution by the Bank of Italy, emphasizing B2B invoice cross-border payments. Credorax will provide an omnichannel payment gateway for Mondial to resell to its clients. The Credorax payment gateway will be leveraged for both the online and in-store merchant acquiring solution.”

Tags: Italy Omnichannel

Companies Global

Wirecard and Sisal Group – Through SisalPay – Enter Strategic Cooperation to Drive Digital Payments in Italy

yahoo

“Wirecard, the global innovation leader for digital financial technology, and Sisal Group, through its brand SisalPay, have signed an agreement to partner in the field of digital payments. With more than 200 million transactions per year, 40,000 points of sale and 15 million customers, SisalPay already offers one of the most successful payment services in Italy and is regulated by the Italian central bank, Banca d’Italia. Users can access more than 500 individual services, including utility bills payments, tax payments, mobile phone top-ups, and subscriptions to digital TV services. The target of the new cooperation between Wirecard and the Sisal Group is to make contactless payments as simple and user friendly as possible.”

Tags: Italy Wirecard