Italy
Italy is a developed country in the European Union (EU) and one of Southern Europe’s largest economies, heavily relying on its manufacturing industry, tourism sector, agriculture, and services industry for economic growth. Italy’s GDP growth experienced strong periods from the 1950s to the 1970s and again in the early 2000s, but the country faced challenges due to the Great Recession, the Eurozone crisis, and structural economic inefficiencies.
National debt in Italy has risen significantly over the past decades, often exceeding Italy’s GDP, yet financial reforms and European Union support have aimed to maintain economic stability. EU financial aid and policy measures continue to play a key role in reducing the unemployment rate, stabilizing public finances, and boosting consumer confidence and private spending. Ongoing structural reforms and fiscal policies indicate gradual improvement in Italy’s macroeconomic stability.
Italy, located in Southern Europe, has a population of approximately 58.7 million in 2024. The country maintains a mixed economy, with major sectors including industrial manufacturing, tourism and hospitality, agriculture, and financial services. Italy is a major European market for eCommerce, digital payments, and online shopping, reflecting the country’s growing digital economy.
The Italian eCommerce market continues to expand rapidly. Revenue from eCommerce in Italy is expected to exceed USD 40 billion by 2023 and reach USD 60 billion by 2027, growing at a CAGR of 8.5%. This growth is fueled by increasing digital payment adoption, mobile payments, online shopping platforms, and contactless payment methods. Italy’s digital economy is further supported by widespread internet access, a tech-savvy population, and a shift toward cashless payments.
With a focus on innovation, digital finance, and fintech solutions, Italy is emerging as a key eCommerce and online payment hub in Europe, attracting both domestic and international investors. The country’s commitment to digital transformation, financial inclusion, and secure online transactions positions it as a leading market for eCommerce growth, digital banking, and fintech services.
Top banks
UniCredit
UniCredit is among the largest banks in Italy, providing a full spectrum of banking and financial services for individuals, businesses, and institutions. Its offerings include retail banking, corporate banking, investment banking, loans, savings accounts, and wealth management, making UniCredit a trusted and professional partner in the Italian banking sector.
Intesa Sanpaolo
This leading Italian bank provides a full range of banking products and financial services, catering to both individuals and businesses. Its offerings include retail banking, corporate banking, loans, savings accounts, and wealth management solutions, delivering trusted and professional banking services across Italy.
Banca Monte dei Paschi di Siena
Founded in 1472, Banca Monte dei Paschi di Siena is one of the oldest banks in the world, headquartered in Italy. It provides a wide range of banking and financial services for both individuals and businesses, including retail banking, corporate banking, investment services, and wealth management across Italy.
Banco BPM
Banco BPM is a major player in the Italian banking sector, providing a wide range of banking and financial services for both individuals and businesses. Its offerings include retail banking, corporate banking, loans, savings accounts, and investment solutions, delivering trusted and professional banking services throughout Italy.
UBI Banca
UBI Banca is a leading Italian bank offering a diverse range of financial products and services with a strong presence in both retail and corporate banking. Its offerings include personal banking, business loans, savings accounts, and investment solutions, providing reliable and professional banking services across Italy.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
ApplePay
MyBank
MyBank Italy is a secure online banking payment method enabling instant bank transfers for eCommerce and digital payments. Trusted by Italian consumers, it offers fraud protection, real-time transaction confirmation, and cashless payments. Widely integrated with Italian banks, MyBank supports B2C and B2B online payments across Italy.
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 (Bonifici Bancari) in Italy are widely used for business payments, real estate transactions, utility bills, and salary transfers. Italy’s banking system ensures secure domestic and international transfers, including online banking, wire transfers, and electronic funds transfers (EFT), making financial transactions fast, reliable, and convenient for individuals and businesses.
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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