Mobile Payments with Alberto Damasso, Founder and CEO of Satispay

TL;DR

Satispay drives mobile-payment adoption in Italy by building a merchant-first network that makes in-store and peer-to-peer payments simpler for consumers. The platform surpassed one million active users and 100,000 merchants, while the corona epidemic accelerated remote transactions, delivery, and takeaway services. Read on to see how merchant coverage, cashback campaigns, bank partnerships, and changing payment habits supported its growth.

Transcript

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Key Insights

• 🏛️ Satispay's success is built on a merchant-first network, focusing on solving the needs of merchants to drive consumer adoption.
• 🥺 The corona epidemic has led to changes in user behavior, including increased remote transactions and a shift towards delivery and takeaway services.
• 🐕‍🦺 Mobile payment solutions in Europe have regulatory support and an opportunity to become the main financial service provider for consumers, rather than traditional banks.
• 🥺 The crisis has forced people to adopt technology and new ways of doing things, leading to potential long-term changes in behavior and preferences.
• 🚗 Domestic mobile payment solutions that cater to specific countries or regions may be more successful and dominate the market.

Questions & Answers

Q: What is Satispay, and what payments does it support?

Satispay is a mobile payments application in Italy designed to simplify payments for consumers and merchants. It focuses on in-store payments and peer-to-peer money transfers.

Q: How large had Satispay’s network become?

Satispay had surpassed one million active users and 100,000 merchants on its platform. These figures reflect growth across both sides of its payments network.

Q: How does Satispay define an active user?

An active user has completed registration, verified their identity, opened an account, and made at least one transaction. Satispay released this metric to emphasize the value created after someone begins using the app.

Q: Why did Satispay focus on merchants first?

Satispay found that consumer sign-ups increased significantly after enough merchants were available in a city. The company therefore built a merchant-first network to solve merchant needs and encourage consumer adoption.

Q: How did Satispay encourage consumers to adopt the app?

Satispay used cashback campaigns and “Satispay Fridays” to generate word-of-mouth and attract consumers. Greater merchant coverage also helped increase consumer sign-ups.

Q: How did bank partnerships support Satispay’s growth?

Satispay used partnerships with banks to onboard merchants more quickly. This supported its merchant-first strategy by helping expand the places where consumers could use the app.

Q: How did the corona epidemic affect Satispay?

User sign-ups initially slowed, while remote transactions increased and consumers shifted toward delivery and takeaway services. Satispay responded by enabling merchants to offer delivery options and expanding its in-app services.

Q: Could the shift toward mobile payments continue long term?

Alberto Damasso believes the changes in consumer behavior and merchant adoption could have lasting effects. European regulatory support and incentives for electronic payments, together with greater use of digital and contactless payments during the corona epidemic, could sustain adoption.

Summary & Key Takeaways

• Satispay is a mobile payments application in Italy that aims to simplify payments for consumers and merchants, with a focus on in-store payments and peer-to-peer money transfers.

• The company has recently seen significant growth, surpassing one million active users and 100,000 merchants on its platform.

• The corona epidemic has led to changes in user behavior, with an increase in remote transactions and a shift towards delivery and takeaway services. Satispay has adapted to these changes by enabling merchants to offer delivery options and expanding its in-app services.