Nexi and Compass partner on in-store BNPL
By Gloria Methri
European PayTech Nexi and Compass, the consumer credit company part of Mediobanca Group, have entered a strategic partnership in the Buy Now Pay Later (BNPL) business.
Thanks to the agreement, Compass’ BNPL digital solution PagoLight will be available on Nexi SmartPOS. This will allow Nexi’s partner banks to provide retailers with an innovative solution for deferred payment directly integrated into the payment terminal. To date, several banks have joined the initiative, and more will join in the coming weeks.
The partnership between the companies allows Nexi to provide its partner banks with a product that will enable them to take full advantage of the business opportunities offered by Buy Now Pay Later.
“The agreement we signed with Compass is in harmony with our European PayTech positioning, which is focused on bringing our partners and merchants innovative solutions for business development,” said Filippo Signoretti, Merchant Solutions Director of Nexi Italy. “In particular, this partnership allows us to provide merchants with a Buy Now Pay Later service which can be used by their customers in physical shops through Nexi SmartPOS in a simple, immediate, and secure way, thus increasing sales opportunities.”
The agreement represents an opportunity for Compass to expand the distribution of PagoLight in physical shops. PagoLight is designed to enable merchants to increase both the number of sales and the value of the average purchase, relieving them of the credit risk, which is entirely carried by Compass. Launched in 2021, PagoLight is now active in Italy in more than 13,000 shops. The network continues to grow, with approximately 1,000 new activations per month.
“Thanks to this strategic agreement we are strengthening our presence in the BNPL market, particularly in the physical channel where, through Nexi, we will be able to bring our innovative deferment solutions to merchants and final customers throughout Italy,” said Francesco Caso, General Manager of Compass.
IBSi Daily News Analysis
December 01, 2023
UAE consumers turn to banks for advice on sustainable financeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 01, 2023