The ‘cashback’ will not go away entirely. If the state reimbursement plan, which was to continue until June 2022, was suspended by the Draghi government, Satispay, a platform already in the control room of the project, decided to go ahead alone with the program for another 6 months by investing its own resources. between 20 and 30 million euros. No criticism of the government – underlines the ceo Alberto Dalmasso – which is masterfully managing an extreme situation but we have seen that the program works, the transactions have increased and we will arrive to move 1 billion euros at the end of the year.
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The boom in digital payments
Given the boom, the payments app decided to continue the bet. As far as possible we will ensure that the work done is not lost, investing our capital directly to support incentives, convinced that they are the right tool to change payment habits and make Italy a digital economy too, comments Dalmasso. . In the first half of 2021 Satispay recorded (only considering payments in physical stores) a number of 25 million transactions, with a growth of approximately 210% compared to the same period of 2020, for a volume of approximately 340 million euros, an increase of 127%. The number of merchants affiliated to the network is also growing, which despite the difficulties of the last year recorded a growth of 35% compared to June 2020.
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How does it work
The repayment formula is the same as for state cashback: there is the possibility of accumulate up to 150 euros in six months with a 10% refund on transactions in physical stores up to a maximum of 2 euros per transaction but this time in tranches up to a maximum of 25 euros each month.
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Who is the initiative for?
The idea also comes from the desire to seek new customers. Not by chance the initiative reserved for those who sign up for the service in July. For old customers, on the other hand, other initiatives have been designed such as Cashback Fridays and Cashback in supermarkets on Tuesdays. Dalmasso recalls that there are almost 10 million people who have signed up for the State Cashback program and therefore there is still a large slice of the public that Satispay, with 1.8 million users to date, can intercept. We have seen the results – explains Dalmasso – cashback works as a stimulus to electronic payments and to combat tax evasion, and if we get the population used to using digital tools, we will have a country with more skills that therefore reacts better to crises. The company’s ambition to intercept an additional 200,000 customers by the end of the year.
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