Satispay propose une application de paiement sans intermédiaire

Satispay is the reference fintech in terms of mobile payment in Italy. Offering a multitude of services such as cashback or reimbursement between friends, Satispay has the particularity of not depending on intermediaries to make payments via their application.

Satispay : How does it work?

Satispay has two main targets: consumers and merchants. On the consumer side, it will of course be necessary to register on the fintech’s platform. This registration will require two essential pieces of information: the customer’s ID and IBAN. Satispay will need this information to link the user’s bank account to the one dedicated to the application called Budget.

Once registered, the customer will be able to define the Budget he/she wishes to allocate to the application. Satispay will then take care of automatically deducting the amount needed to reach the Budget. For example, if a customer has a Budget of €100 and €80 left on the application at the time of the deadline, Satispay will deduct €20 from the customer’s bank account to his Budget.

For this reason, Satispay claims that its solution is free of intermediaries: customers do not have to go through the Mastercard and Visa networks, for example. The fact that the registration is done via the IBAN avoids the dependence on cards and removes the commissions present during a payment of this type. Customers will then be able to use their Budget in different ways, which we will present below.

For merchants, Satispay covers the needs of both physical and online stores. Once registered, merchants will be able to offer the fintech’s services through various channels. Satispay offers the integration of their services via plugins for online businesses and via any type of POS terminal for physical stores. It also offers their services on vending machine networks.

Satispay’s core services

Now that you know how to register on the platform, here are the different benefits and services you will have access to.

As a customer, the best service is the one that allows you to use the money available in your Budget at partner merchants. By browsing the application, the user will be able to search and select stores to send them a selected amount. The money transfer will be done immediately.

Another Satispay service allows users to transfer money between friends, and therefore between IBANs. Everything is done on the application: select the beneficiary, the amount and that’s it. The amount will be deducted from the user’s budget and sent to the receiver. Satispay even allows you to top up your cell phone plan, provided that the operator is supported by the fintech.

In terms of savings, Satispay offers a piggy bank system that allows the user to create and manage a kitty directly on the application. Three main ways to save are proposed by the fintech: rounding, cashback or periodic. The customer will even be able to open several piggy banks depending on their nature.

Speaking of Cashback, it is part of the services highlighted by the fintech. To put it simply, users will be offered cashback offers on some of the businesses available on the app. For example, a 20% cashback offer is displayed on the app for a restaurant. If the bill is 100€, the customer will receive 20€ cashback directly on his budget. Note that on the merchant’s side, the implementation of the Cashback service is charged at 20€/month.

Finally, one of the most atypical and revolutionary services of Satispay is the possibility to pay bills and road taxes via the application. Be careful though: this service is only available in Italy for the moment. We will have to wait for potential partnerships with the dedicated authorities in each country to see this service offered elsewhere.

An Italian user will therefore be able to find sections in the application dedicated to these particular operations. For a road tax, the user will just have to select the vehicle concerned and enter the required information to finalize the payment. For the Invoices section, the procedure is also very simple: the user will only have to scan his invoice with his smartphone to register the information of the invoice. Satispay announces that it charges a fixed fee of 1 euro per payment for this service.

It would be interesting to see these bill and tax payment services develop a little more, having the potential to favorably accompany the digital transformation of this type of payment. The rest of the app’s services were relatively well known but prove that these mobile app models bundling a range of financial services are what users are looking for. Satispay now has 2,650,298 users and 186,434 merchant partners and has proven its relevance as a payment application.