Italian interbank network Bancomat has collaborated with financial technologies provider SIA to introduce a new digital payment service called Bancomat Pay for its cardholders across the country.
Under the agreement, Bancomat’s new payment solution will integrate SIA’s money transfer service Jiffy.
Around 37 million PagoBancomat card members will be able to use Bancomat Pay for online and in-store payments, as well as to send and receive money in real-time using their smartphone.
The new digital payment solution is expected to eliminate the need for a physical card. A PIN will no longer be needed to authenticate transactions.
Bancomat CEO Alessandro Zollo said: “From today we want to combine this value with all the potential of technological innovation, making money transactions even more simple and immediate.
“With Bancomat Pay, we intend to take our first step to entering the world of payment services of the future where it is not just cash that is dematerialised but the card itself.”
Bancomat Pay will be rolled out to nearly five million Jiffy users, at more than 2,000 outlets and on PagoPA for public sector payments in Italy.
SIA deputy CEO Nicola Cordone said: “We have invested heavily in Jiffy, together with the 130-plus banks that already use it, and from today we are making its innovative features available to Bancomat to facilitate digitalisation and make the Italian country system even more efficient.”