Massimo Itta, Chief Commercial Officer of BANCOMAT, outlined the company’s ambitious three-pronged strategy for the future of payments, speaking at the ninth edition of the Payments Fair.
“Our vision is for complete simplification,” he announced, emphasizing the transition from a fragmented system of branded ATMs – dedicated to cash withdrawal, physical payments, and online transactions – to a unified BANCOMAT identity. This iconic and widely recognized brand, Itta explained, will undergo a significant value proposition revision, becoming more integrated and organic in its offering.
He further elaborated on the second dimension of this evolution: “It’s not simply about ATMs; it’s about evolving towards a complete payment experience ecosystem.” This ecosystem, Itta envisions, will maintain a physical presence but will increasingly embrace the digital landscape. This realm will be characterized by real-time payments, both online and peer-to-peer, alongside a portfolio of innovative services focused on loyalty and simplifying everyday payment scenarios.
“While agreements with our primary partners, the Italian banks, are crucial,” Itta emphasized, “our true cornerstone is the product itself.
Today, BANCOMAT offers the best payment solution in Italy, boasting a debit card that functions as a commodity for both domestic and international transactions. What truly sets us apart is the ability to facilitate both P2P payments and instant transfers – a consumer need and a directive from the European regulator pushing the banking world towards instant bank transfers.”
“BANCOMAT has managed to transform this regulatory directive into a consumer-friendly retail experience,”
Itta highlighted, “allowing users to send money or pay instantly with just a phone number, even when dealing with giants like Amazon.”
Looking to the future, Itta predicted a future where payment services will become increasingly digital, focusing on instant payments and new methods of digital engagement. However, he anchored this vision in a broader societal context: “We recognize that our customers are not just consumers. As a national asset and a strategic asset for Italy, we see our customers as Italian citizens first and foremost. This perspective will be key in developing services facilitating payments to the public administration, fostering digital identity and credentials. We aim to become the interbank bridge connecting our partner banks’ customers to this world of services.”
How does BANCOMAT plan to create a holistic payment environment beyond ATMs?
## Interview with Massimo Itta, Chief Commercial Officer of BANCOMAT
**Interviewer:** Welcome, Massimo. Thanks for joining us today. You recently unveiled BANCOMAT’s ambitious three-pronged strategy for the future of payments at the Payments Fair. Could you elaborate on this vision for our listeners?
**Massimo Itta:** Absolutely. At BANCOMAT, our vision is all about simplification and creating a unified payment experience. We recognize that the current system with branded ATMs for different functions like cash withdrawal and online transactions can be fragmented and confusing for consumers.
**Interviewer:** So, what’s the plan?
**Massimo Itta:** We aim to transition towards a single, unified BANCOMAT identity across all payment touchpoints. Our iconic brand, recognized by millions across Italy, will be the cornerstone of this integrated ecosystem. This means a revised value proposition, offering a seamless and organic experience for all users, whether they’re withdrawing cash, making physical payments, or engaging in online transactions.
**Interviewer:** That’s fascinating! But you mentioned this isn’t just about ATMs. What else is involved in this “complete payment experience ecosystem”?
**Massimo Itta:** Precisely. It’s about creating a holistic payment environment. This could involve collaborations with fintech companies, leveraging innovative technologies like mobile wallets, and expanding our reach beyond traditional touchpoints. Essentially, we want to offer a comprehensive and user-friendly payment solution that caters to the evolving needs of our customers.
**Interviewer:** Thank you, Massimo, for sharing these insights into BANCOMAT’s exciting future. We’ll be following your progress closely.
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