Italy’s state-owned payments firm PagoPA has encountered disagreements over its valuation in the planned sale to the state mint and postal operator Poste Italiane, reported Reuters.  

The transfer of PagoPA would keep it under state-controlled entities, with Poste Italiane acquiring a minority stake in the company. 

State-backed Poste Italiane has diversified its operations, branching out from its traditional mail and parcel services into payments, broadband, and energy sectors. 

Poste Italiane and the state mint have raised concerns about a €500m valuation of Treasury-owned PagoPA, set by Treasury adviser KPMG, the report said citing sources.  

The state mint and Poste Italiane have reviewed PagoPA’s financial data to assess whether its business plan justifies the proposed valuation, the report added. 

The parties involved either declined to comment or were not immediately available for comment to Reuters.  

PagoPA processed €33bn in public administration payments so far this year. It is expected to play a central role in the Italian government’s plan to develop a digital wallet through the IO app.  

The app allows users to store official documents, including digital identity credentials, and make payments for public services. 

Last year, Italy’s Treasury appointed KPMG to conduct a valuation of PagoPA.  

The company’s electronic payment system allows citizens and businesses to pay public bodies through a standardised process, using both online and offline channels via participating payment service providers.