Italy Cards and Payments – Opportunities and Risks to 2027

Italy Cards and Payments Market Report Overview

The annual value of card transactions in the Italy cards and payments market was $408.5 billion in 2023. The value is expected to grow at a CAGR of more than 10% during 2023-2027.

Cash remains an integral part of the Italian consumer payments landscape. The government is making efforts to promote electronic payments including improving payment card acceptance, mandating certain merchant categories to accept electronic payments, and offering tax benefits to merchants for accepting card payments. Additionally, the rising adoption of contactless cards, the proliferation of digital-only banks, the emergence of alternative payment solutions, and growth in the e-commerce space indicate that the Italian electronic payments space will grow further.

Italy Card Transactions Outlook, 2023-2027 ($ Billion)

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The Italy cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Italy cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Italy Cards and Payments Market Dynamics

The advent of digital-only banks is driving competition in the banking space, thus boosting debit card holding. Contactless card usage is set to rise further amid the growing adoption of contactless technology in the public transport sector. The growing preference for online shopping is encouraging retailers to enter the e-commerce space. Italian banks have embraced mobile payment technology to leverage this surge in e-commerce payments and services. For instance, in September 2023, Intesa Sanpaolo partnered with Nexi to launch a SoftPOS solution, enabling merchants to use smartphones and tablets to accept payments via contactless cards as well as mobile wallets.

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Italy Cards and Payments Market Segmentation by Payment Instruments

Cash held the highest transaction volume in the Italian payments space in 2023

The key payment instruments in the Italy cards and payments market are cards, credit transfers, direct debits, cash, and cheques. Cash has traditionally been a popular consumer payment method for day-to-day transactions. Cards followed the lead and emerged as another popular transaction method in Italy.

Italy Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Italy Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

The key segments in the Italy cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, P2P payments, bill payments, and alternative payments.

Card-Based Payments: Among cards, debit cards were the most popular in 2023 as the government has taken steps to reduce the dependence on cash and promote electronic payments. Rising awareness of payment cards coupled with banks offering cards targeted at various consumer segments have further supported the market growth.

Italy Cards-Based Payments Market Analysis, 2023 (%)

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Italy Cards and Payments Market - Competitive Landscape

A few of the leading players in the Italy cards and payments market are:

• Intesa Sanpaolo
• UniCredit Bank
• Agos
• Banco BPM
• Nexi Payments

Banks are providing debit cards targeted at a variety of consumer segments. To increase debit card penetration, banks also offer accounts for young individuals. Furthermore, banks offer reward programs to incentivize customers to increase debit and credit card usage.

Italy Cards and Payments Market Analysis by Players, 2023

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Italy Cards and Payments Market – Latest Developments

• In June 2023, Intesa Sanpaolo unveiled its digital-only subsidiary Isybank, offering a range of banking products and services. This includes Light, Smart, and Prime accounts that come with a debit card. A metal Mastercard debit card is also available to Prime account holders.
• In June 2023, smart mobility technology solutions provider Conduent Transportation partnered with Azienda Transporti Verona to launch contactless payments across 540 public buses public in the city of Verona, enabling commuters to make contactless payments using payment cards, digital wallets, and wearable devices.

Segments Covered in the Report

Italy Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

• Cards
• Credit Transfers
• Direct Debits
• Cash
• Check

Italy Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

• Card-Based Payments
• E-commerce Payments
• In-Store Payments
• Buy Now Pay Later
• Mobile Payments
• P2P Payments
• Bill Payments
• Alternative Payments

Scope

• The advent of digital-only banks is driving competition in the banking space, thus boosting debit card holding. In June 2023, Intesa Sanpaolo unveiled its digital-only subsidiary Isybank, offering a range of banking products and services. This includes Light, Smart, and Prime accounts that come with a debit card. A metal Mastercard debit card is also available to Prime account holders. Among Isybank’s target audience is the 4 million Intesa Sanpaolo customers who do not prefer visiting branches and mainly use the bank’s online and mobile services to conduct their banking activities.
• Contactless card usage is set to rise further amid growing adoption of contactless technology in the public transport sector. In June 2023, smart mobility technology solutions provider Conduent Transportation partnered with Azienda Transporti Verona to launch contactless payments across 540 public buses public in the city of Verona, enabling commuters to make contactless payments using payment cards, digital wallets, and wearable devices.
• The growing preference for online shopping is encouraging retailers to enter the ecommerce space. In May 2023, British TV network Sky Sports partnered with US online sports retailer Fanatics to sell licensed sporting apparel and products from organizations such as the Premier League and Formula 1. These items are available for purchase online and can be shipped to various markets, including Italy. Meanwhile, in October 2023, Amazon announced plans to launch its ultra-fast drone delivery service, dubbed Prime Air, in three countries (including Italy) in 2024.

Reasons to Buy

• Make strategic business decisions, using top-level historical and forecast market data, related to the Italiancards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Italian cards and payments industry.
• Assess the competitive dynamics in the Italian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Italy.
• Gain insights into key regulations governing the Italian cards and payments industry.