Italy
Italy is a developed country in the EU and highly depends on its manufacturing, tourism, and service sectors for economic growth. After experiencing significant economic growth from the 1950s to the 1970s and relatively high GDP growth in the early to mid-2000s, Italy's economy faced challenges primarily due to the Great Recession, the Eurozone crisis, and its structural issues.
National debt in Italy has increased substantially over the past decades, but financial measures and reforms have aimed to stabilize the economy. The nation's rising debt has often surpassed its GDP, attributed to economic mismanagement and structural inefficiencies. Financial aid and policy reforms from the European Union have been crucial in supporting Italy's economic stability, encouraging spending, and reducing the unemployment rate. While Italy faces ongoing financial challenges, signs of gradual improvement include efforts to reduce national debt and implement structural reforms.
Italy, located in southern Europe, has a population of approximately 58.7 million people as of 2024. The country boasts a mixed economy with strong manufacturing, tourism, agriculture, and services sectors. Despite facing economic challenges recently, Italy remains a significant market within the European Union. The revenue generated by the eCommerce market in Italy is expected to surpass USD 40 billion by 2023 and USD 60 billion by 2027, growing at a CAGR of 8.5%.
Top banks
UniCredit
UniCredit is one of the largest banks in Italy, offering a wide range of banking and financial services to individuals, businesses, and institutions.
Intesa Sanpaolo
It provides comprehensive banking products and services, including retail banking, corporate banking, and wealth management.
Banca Monte dei Paschi di Siena
Banca Monte dei Paschi di Siena is one of the oldest banks in the world. It offers various financial services to individuals and businesses.
Banco BPM
Banco BPM is a significant player in the Italian banking sector, providing various banking services, including retail and corporate banking.
UBI Banca
UBI Banca offers diverse financial products and services with a solid retail and corporate banking presence.
Top payment methods
Visa
Visa is the world's largest global card network by transaction value, ubiquitous worldwide. Visa positions itself as "the best way to pay and get paid by everyone".
Apple Pay
Several major banks and payment providers in Belgium support Apple Pay. Customers with Apple devices can connect their credit and debit cards to pay for products and services. iPhones are themost widely used mobile.
Google Pay
With Google Pay, shoppers can make purchases using credit or debit cards stored in their Google account. Shoppers get to experience a simpler checkout process whether they are buying from theirAndroid devices, on the web, or in-store through POS terminals.When a shopper pays with Google Pay in apps and on websites, Google Pay shows a payment sheet where they select their preferred card payment method and confirm their purchase. Google Pay supports liability shift for Discover, Mastercard, and Visa cards issued in the EU or the UK. Google Pay does not support liability shift for American Express, JCB, or Visa cards issued outside of the EU or the UK. To get this liability shift when using Google Pay, you need to authenticate the transaction with 3D Secure.
Mastercard
As one of the largest card brands in the world, Mastercard dominatesthe co-branded card market in Europe. It is also the leader incountries like Austria, Brazil, Canada, Colombia, Germany, Hungary, Venezuela, and in the Benelux among others.
Postepay
Postepay is a prepaid card, launched at the end of 2003 and still marketed by the Italian Post Office, which can be used anywhere inI and abroad (ATM and POS of the Visa/Visa Electron circuit), on the and in all Italian post offices, through the Postamat circuit.
Concluding remarks
Italy's payment landscape is diverse, catering to various preferences and technological advancements. While cash remains a significant part of the economy, digital payment methods are on the rise. Credit and debit cards, mobile payments, and online payment platforms are becoming increasingly popular driven.
Cash
(Contanti) Cash remains a widely used payment method in Italy, especially for smaller purchases and local markets. Despite the growing popularity of digital payment methods, cash transactions still play a significant role in the Italian economy.
Credit and Debit Cards Credit
Credit and debit card usage is prevalent in Italy. Major card networks like Visa, MasterCard, and American Express are widely accepted nationwide. In 2020, Italians made 37 transactions per capita using credit cards, reflecting a trend towards more frequent use of card payments. Credit card penetration reached 0.7 cards per person in 2020, while debit card penetration was higher, at around 1.4 cards per person.
Bank Transfers
Bank transfers are commonly used for larger purchases, rent payments, and business transactions in Italy. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, making bank transfers a reliable and efficient payment method.
Mobile Payments
Mobile payment methods such as Apple Pay, Google Pay, and Samsung Pay are gaining popularity in Italy. These methods enable users to make payments using their smartphones at compatible establishments. Additionally, local mobile payment apps like Satispay and PostePay are widely used for online and in-store purchases.
Online Payment Platforms
Online payment platforms such as PayPal are widely accepted for eCommerce transactions in Italy. These platforms offer a convenient and secure way to pay for goods and services online, contributing to the growth of the digital economy.
Prepaid Cards Prepaid
Prepaid cards like PostePay are popular in Italy. They are often used by younger individuals and for online shopping. These cards provide a flexible payment option without a traditional bank account.
Direct debits
Direct debits are commonly used for recurring payments in Italy, such as utilities, subscriptions, and loan repayments. This method offers a convenient way to manage regular financial commitments.
Cryptocurrencies
Cryptocurrencies are gradually gaining acceptance in Italy, particularly among tech-savvy individuals and businesses. While yet to be mainstream, the use of cryptocurrencies for transactions is growing.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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