1 hour ago
1
By Elvira Pollina
MILAN, Dec 19 (Reuters) - Italy's Treasury has agreed to merchantability PagoPA, which handles integer payments to nationalist administrations, to the authorities mint and to state-backed postal group Poste Italiane for up to 500 cardinal euros ($586 million), the mint said on Friday.
The woody has raised concerns among Italian banks successful caller months, arsenic it could boost contention for smaller lenders already struggling to support gait with accelerated changes successful the payments sector.
The 500-million-euro valuation includes adaptable components and future payments, the mint said, without giving further details.
Sources antecedently told Reuters that lenders had voiced concerns to the Treasury that Poste could usage PagoPA to fortify its presumption successful integer payments, wherever it already has a important presence, competing straight with banks.
In a bid to code the concerns raised by the banks but besides by Italy's antitrust authority, the woody hands 51% of PagoPA to the mint, portion Milan-listed Poste volition ain the remaining 49%.
Banks are besides facing increasing contention connected payments from planetary tech players specified arsenic Apple, Google-owner Alphabet and PayPal.
Poste has evolved into a fiscal conglomerate, expanding beyond its halfway postal concern into payments, mobile services, vigor supply, security and concern products.
PagoPA, which processed 97 cardinal euros successful payments to Italy's public medication this year, is expected to play a cardinal relation successful Rome's program to make a integer wallet done the IO mobile app.
The app allows Italians to store authoritative documents, including integer individuality credentials, and marque payments to nationalist entities.
($1 = 0.8534 euros)
(Reporting by Elvira Pollina; Editing by Valentina Za)
English (CA) · 
English (US) · 
Spanish (MX) ·