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Italy Sees the Fastest Growth of In-Store Mobile and Wearable Transactions

In-store mobile and wearable transaction values in Italy rose by 122% in 2022 to hit $17.5 billion

Italy Sees the Fastest Growth of In-Store Mobile and Wearable Transactions

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The Innovative Payments Observatory (IPO) at Milan Polytechnic University estimated that consumers in Italy made in-store contactless payments with their smartphones or wearable devices at a total worth of €16.3 billion ($17.5 billion) in 2022, illustrating an increase of 122% compared with 2021 data.

The total transaction values for all forms of contactless payments reached €186 billion ($199 billion) last year, a smaller but still significant increase of 45% year-on-year. Meanwhile, transaction values for digital payments, including both card and mobile wallet-based payments, experienced a rise from € 390 billion ($418 billion) in 2021 to €400 billion ($429 billion).

When taking into account ECB 2021 data on the number of per capita card transactions, Italy witnessed one of the fastest growth rates of contactless payments in European countries last year (+33.6%).

The sustained growth trend shows that a surge in contactless payments recorded in 2021 was not just a rebound after Covid-related lockdowns. Instead, the pandemic crisis has structurally changed consumer habits. Many population categories, who first used contactless payment methods during the pandemic, found these means increasingly convenient, fast and safe. Therefore, now the market grows at a much faster rate than pre-pandemic.

Another interesting fact presented by the research is that Milan-based European payment services provider Nexi recorded a 134% increase in transaction volumes for in-store mobile payments in 2022. Besides, the number of Nexi payment cards registered on mobile wallets rose by 53% last year.

Nexi is one of the industry’s veterans. Founded in 1939, the firm initially functioned as a traditional bank. Currently, the company specializes in payment systems.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.