What is Bancomat Pay? Bancomat Pay Review, Features

Bancomat Pay is the new digital payment service launched by the Italian interbank network Bancomat.

About Bancomat Pay

BANCOMAT Pay is a very popular e-wallet in Italy. It was launched in 2019 by BANCOMAT SpA, the absolute leader in the Italian debit card payment market, and SIA SpA, a fintech provider.

BANCOMAT Pay links an IBAN (International Bank Account Number) current account or prepaid card to the consumer’s mobile phone number. Consumers only need to have an IBAN current account or prepaid card at one of BANCOMAT Pay’s partner banks (more than 400, about 70% of banks in Italy) to make payments using its APP or a bank APP that supports its service.

BANCOMAT Pay has 37 million Italian users, which means that 73% of Italian Internet users (50.5 million) are using BANCOMAT Pay. With the support of BANCOMAT SpA, the company behind it, BANCOMAT Pay will have even greater potential.

Bancomat Pay payment process

The payment process of BANCOMAT Pay is relatively simple: consumers select "BANCOMAT Pay" as the payment method during the shopping payment process. If it is on a mobile phone, it will jump directly to the BANCOMAT Pay APP to confirm the identity and complete the payment by entering the PIN code or facial recognition; if it is on the website, enter the phone number to verify the identity, and then receive the corresponding payment information on the BANCOMAT Pay mobile APP, and confirm the identity by entering the PIN code or facial recognition to complete the payment.

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The company behind BANCOMAT Pay is BANCOMAT SpA, one of the most important players in the Italian debit card payments market.

BANCOMAT SpA has approximately 2.5 billion payment and withdrawal transactions per year, with a value of more than 210 billion euros, and approximately 34 million cards in circulation, accounting for more than 40% of the Italian card market. BANCOMAT SpA's shareholders include 122 Italian banks, with more than 400 banks (more than 69% of Italian banks) using their services, and most debit cards issued in Italy carry the BANCOMAT brand.

Currently, BANCOMAT SpA has three major brands: BANCOMAT®, PagoBANCOMAT® and BANCOMAT Pay®.

BANCOMAT means "Automatic Teller Machine" in Chinese. It is a popular interbank network for cash withdrawals in Italy. It was first launched in 1983. Its cards are issued by Italian banks and its services are only used in Italy. It has an absolute market share of 87% in Italy.

In 1986, based on BANCOMAT's services, BANCOMAT SpA introduced an associated debit card network called PagoBANCOMAT, designed for PIN-based POS transactions.

In January 2019, BANCOMAT SpA, in partnership with SIA SpA, launched a new service called BANCOMAT Pay, designed for electronic payments for online transactions.