In 2024, Nexi has become a pivotal player in the rapid expansion of mobile payments in Italy, evidenced by an extraordinary 61% surge in spending volumes via smartphones and smartwatches. This dramatic increase mirrors a broader trend identified by the Innovative Payments Observatory of the School of Management of the Milan Polytechnic, which recorded a 53% bump in mobile payment transactions, amounting to €56.7 billion. As more Italians embrace digital payment solutions that allow the virtualization of cards on devices such as smartphones and wearables, the transactional volumes have reached €44.7 billion, accounting for 94% of total in-store mobile transactions. This shift signifies a monumental change in consumer behavior and highlights the country’s growing reliance on sophisticated payment technologies.
Technological Investments and Strategic Growth
Nexi’s growth and its ability to maintain its leadership position within Italy’s mobile payment landscape have been significantly bolstered by a substantial rise in virtualized cards on major platforms like Apple Pay, Google Pay, and Samsung Pay. In 2024, Nexi experienced a remarkable 36% increase in virtualized card usage, alongside a 68% growth in mobile transactions using Nexi cards in both physical and online stores. Marco Ferrero, the chief regional officer of Nexi Italy, attributes this exceptional expansion to the company’s advanced technological infrastructure, which has been central to pushing forward Italy’s capabilities in digital payments. Looking ahead, Nexi is planning a significant investment of €400 million in technology and skills by 2025, aimed at driving ongoing innovation and sustaining this growth trajectory. These investments are expected to further enhance the company’s competitive edge and bolster its operational capacity.
Sustained Growth and Market Leadership
The impressive patterns observed in 2024 are a continuation of the double-digit growth Nexi witnessed in 2023 and 2022, demonstrating its ability to sustain leadership in Italy’s mobile payments sector. The continued upward trajectory not only underscores the increasing inclination of Italians towards digital payments but also reinforces the critical nature of introducing advanced payment technologies to support the country’s digital transformation initiatives. As consumers increasingly favor the convenience and security offered by mobile payment solutions, Nexi’s strategic investments and technological advancements are likely to solidify its dominance in the European mobile payments market. Moving forward, Nexi’s proactive approach and commitment to innovation will be instrumental in navigating the evolving landscape of digital payments and ensuring that Italy remains at the forefront of this technological revolution.