European paytech, Nexi, and Compass, Mediobanca Group’s consumer credit arm, are consolidating their strategic partnership in the Buy Now Pay Later (BNPL) segment by expanding it to include the e-commerce channel. The extension of the partnership will involve PagoLight, Compass’s proprietary, full-digital BNPL solution, being integrated into XPay, the e-commerce payment gateway developed by Nexi.
It means that merchant deals will be able to offer their clients the BNPL facility, replicating the same service available at physical POS via the online channels too. At the checkout phase of their e-commerce purchases, clients will therefore now have the option to pay by instalments using the Buy Now Pay Later formula, as an alternative to the other forms of payment.
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Partnership enables Nexi to leverage the business opportunities offered by BNPL
According to the companies, users will receive the result of their application within a few minutes thanks to a simple, intuitive process.
“Our objective is to put merchant dealers in a position where they are able to offer their clients the best available solutions on the market. This will allow them to leverage all business opportunities generated by digital payments”, said Andrea Gaboardi, Head of ecommerce at Nexi Italia.
“We also aim to ensure that consumers have convenient and safe payment solutions, that guarantee simple and secure purchasing processes. Extending the partnership which we signed with Compass at end-2023 to include e-commerce will allow us to take a further step in this direction.”
PagoLight: operating in 1,000+ digital stores at over 25,000 POS
For Compass, the consolidation of the partnership represents an exceptional opportunity to significantly expand the take-up of PagoLight through digital channels. Launched in 2021, Pagolight is now operative in over 1,000 digital stores. In the physical channel it is active in over 25,000 POS. The network is continually growing, with over 1,000 new activations per month, helped also by being integrated with Nexi SmartPOS. “Extending our partnership with Nexi to include e-commerce is a very important step forward for us. The native integration of PagoLight into the XPay payment gateway will offer merchants an important driver to increase sales and loyalty retention amount clients”, said Luigi Pace, Central Manager of Marketing and Innovation at Compass.
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By GlobalData“A recent survey of PagoLight users showed that 47% would not have completed their purchase if this option had not been available, while virtually all those interviewed said that PagoLight is a ‘decisive factor’ in them returning to make other purchases via the same ecommerce website. Through this partnership with Nexi, Compass has strengthened its multichannel coverage in BNPL, with the ambition to further consolidate its leadership in the sector.”
