Npay can be implemented on various payment terminal models, making the cloud-based terminal software less dependent on vendors. Its terminal distribution will start with SMEs in Finland and Sweden, followed by Nets Partners and SMEs in Italy.

The Npay terminal software was developed by the Nexi Digital Finland hub, established in February 2023.

“We are proud that Nexi Digital Finland is already introducing a product from the new Finnish digital hub, designed to drive technological innovation within Nexi Group”, said Matthew Kingsley Rowsell, chief product officer of Marchant Solutions at Nexi.

Nexi and cloud-based payment solutions in banking

Nexi is a PayTech company providing digital payment solutions in Europe. Its head of Group Strategy, Tommaso Jacopo Ulissi, told RBI last year that the company has seen its mobile payment transactions increase by 185% in 2022 compared to 2021.

In November 2020, Nexi took over Nets in an all-share deal which valued its Nordic rival at $9.2bn. The deal came weeks after Nexi signed a memorandum of understanding to buy payments provider SIA for $5.3bn in shares.

Suvi Ruoppa, country general director of Finland at Nets, said: “The new Npay terminal is a testament to the strong expertise that we have within the Finnish payment technology space, as one of the most digitised societies in the world.

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“We have specialised experience that allows us to continue driving forward the advancement of European payments for businesses and consumers alike”, Ruoppa added. “The Npay terminal confirms the ambition of Nexi Group to innovate solutions locally and distribute these technological innovations on a pan-European scale.”

Cloud computing has lately grown in popularity in the banking industry. The technology can help financial institutions (FIs) modernise infrastructure, scale operations, reduce costs, improve resilience and build new revenue streams and services.GlobalData analysts estimate retail banks spent approximately $39bn on cloud computing technology in 2022. That number is expected to reach $83bn by the end of 2026.