D-Wave partners with Satispay

Currently, Satispay plans to transition the quantum-hybrid application into production, with the company’s internal teams set to use it on a weekly basis. The partnership between the two companies comes as a response to the increased adoption of Satispay in countries such as Italy and France, with consumers and businesses looking for a simple, secure, and user-friendly way to send, receive, and spend money.

According to Satispay’s officials, the collaboration with D-Wave allowed the company to build a quantum-hybrid application that demonstrated immediate business value at scale. This enables Satispay to manage its rewards program more efficiently to reduce costs, improve rewards appreciation, and drive increased membership. The CQM hybrid solver is available in the Leap real-time quantum cloud service. 

D-Wave’s main objective is to unlock the potential of quantum computing to benefit businesses and the overall society, providing customers with practical quantum applications for issues such as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modelling. Some of the company’s clients include Volkswagen, Mastercard, Deloitte, Davidson Technologies, the University of Southern California, and Unisys, among others.

The company offers its services to the financial sector to enhance risk management, lower transaction costs, and improve forecasting. D-Wave provides a phased, consultative approach to guide financial services firms in their quantum journey to ensure demonstrable success and early proven ROI. 

Based in Italy, Satispay is a mobile payment network alternative to credit and debit cards, its app allowing users to pay in physical and online stores and complete money transfers. Moreover, the company’s app provides several other services, including phone top-ups, bill payments, pagoPA slips, auto vehicle tax stamps, donations, gift envelopes, and savings. Currently, Satispay’s services are used by more than 4 million consumers at approximately 300,000 merchant locations, including small stores, but also retailers such as Autogrill, Benetton, Boggi, Carrefour, Decathlon, Eataly, Trenitalia, and Trenord across France, Luxembourg, and Italy.

The company aims to offer a simple, immediate, and secure payment experience and a transparent and advantageous pricing model for merchants, with no activation or monthly fees.

At the end of September 2022, Satispay raised EUR 320 million in an investment round, achieving its unicorn status. At that time, the company was valued at more than EUR 1 billion and, with the newly acquired funds, it planned to support its objective of becoming the leading payment network in Europe. 

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