Nexi, the European PayTech, recorded an 88% increase in the value of in-store smartphone and smartwatch transactions in Italy, new data reveals. The technological infrastructure of the group is proving indispensable for driving the growth of an evolving sector. According to further data released by the Innovative Payments Observatory of the School of Management of the Polytechnic of Milan, mobile-based payments increased by 78% overall in Italy last year, reaching a value of 29 billion euros.

The number of payments processed by Nexi via smartphones and wearables during 2023 increased 103%, while the number of Nexi cards registered on apps that virtualize the card on the smartphone (based on NFC technology), such as Google Pay, Samsung Pay and Apple Pay, grew by 41% in the same time period.

Commenting on the latter point, Emiliano Imbimbo, Head of Digital VAS of Nexi Italia, said: "Nexi has seen further significant increases in the number of innovative card-based payments made by consumers in Italy over the last couple of years. This 41% increase, added to rises from the previous two years (+53% in 2022 and +50% in 2021), demonstrates how Italians prefer these solutions for their smartphone purchases both in physical stores and online."

As further evidence of the preference of Italian consumers for card-based mobile payment solutions, NFC payments reached a value of €26.7 billion last year, equal to 92% of total mobile transactions, compared to €15.5 billion in 2022 (equal to 89% of total mobile transactions) and €5.7 billion in 2021 (87% of total mobile transactions)*.

*Innovative Payments Observatory of the School of Management of the Polytechnic of Milan, 2024, 2023, 2022