Nexi partners with Compass

Thursday 16 November 2023 15:06 CET | News

Europe-based paytech Nexi has announced its partnership with Compass to enable the latter’s BNPL digital solution on its SmartPOS.

Through this agreement, Compass’ Buy Now, Pay Later (BNPL) digital solution PagoLight will be available on Nexi’s SmartPOS, allowing the company’s partner banks to provide retailers with solutions for deferred payment directly integrated into the payment terminal. Currently, several banks joined the initiative, with more to join in the upcoming weeks.

Europe-based paytech Nexi has announced its partnership with Compass to enable the latter’s BNPL digital solution on its SmartPOS.

Nexi – Compass partnership objective

The collaboration between the two companies enables Nexi to offer its partner banks a product that is intended to allow them to leverage BNPL, a constantly expanding payment service that is projected to reach an annual transaction volume of approximately EUR 14.5 billion by 2025. According to officials, the partnership with Compass supports Nexi’s European paytech positioning, with it being focused on offering partners and merchants enhanced solutions for business development. Moreover, through this collaboration, Nexi provides merchants with BNPL services which can be used by their customers in physical shops through Nexi SmartPOS.

By joining forces with Nexi, Compass can expand its distribution of PagoLight in physical locations, with the solution being developed to enable merchants to increase the number of sales and the value of the average purchase, eliminating the credit risk as it is managed by the company. The partnership also aligns with the objectives of the Mediobanca Group’s Strategic Plan to 2026 One Brand – One Culture, which projects the development of PagoLight a driver for the expansion of the Consumer Finance division. Currently, PagoLight is active in more than 13,000 Italian shops, with the network continuing to grow and having 1,000 new activations per month.

Nexi’s recent collaborations and developments

As a European paytech company, Nexi operates in high-growth markets and technologically advanced countries. With its scale, geographic reach, and capabilities, the company intends to support the transition to a cashless Europe. Recently, Nexi’s eID business was acquired by IN Groupe, a global identity and secure digital services provider. The collaboration Nets allowed Nexi to develop identity and trust solutions in Denmark, contributing to the digitisation of Nordic societies. By merging Nexi’s eID and IN Groupe’s abilities, the company intended to support customers across Europe as they encounter new regulatory requirements, including eIDASv2 and NIS2.

During the same period, Payments Canada partnered with Nexi to further improve the resilience of Lynx, Canada’s payment system. Through this collaboration, Payments Canada leveraged Nexi’s RTGS Extreme Contingency Solution (RECS) to ensure the reliability of the Lynx system. The technology was intended to help the organisation continue to operate in the event of a disruption or sudden disaster. Also, Nexi RECS planned to offer Payments Canada an additional site that can be activated in case of emergency, such as malicious attacks, network failure, and natural or accidental disasters.

Moreover, in October 2023, Nexi announced that it expanded its brand into the DACH region, with PSPs being part of the Nexi Group starting to operate under the Nexi brand. At that time, all businesses impacted by the rebranding underwent a name change. The development came as part of the company’s wider strategy to introduce itself as European by scale and local by nature. Nexi aimed to leverage the capabilities and local market knowledge of the individual companies to strengthen its brand’s position in the region. 

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Keywords: partnership, BNPL, payment methods, ecommerce, POS
Categories: Payments & Commerce
Companies: Compass, Nexi
Countries: Europe
This article is part of category

Payments & Commerce




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