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July 5, 2022

Nexi, Alpha Bank set up digital payment venture in Greece

Italian payment provider Nexi has joined forces with Greece-based Alpha Bank to tap into the Greek digital payments market.

As part of the tie-up, the two companies have established a new venture called Nexi Payments Greece to offer merchant solutions and payment acceptance products and services in the country.

The development follows an agreement by Nexi last year to acquire Alpha Bank’s merchants business unit for €157m through a new entity in which Nexi holds 51%.

Nexi Payments Greece will provide merchants, citizens and public sector organisations with offerings that drive the uptake of digital payment services in Greece.

It will focus on enhancing digital payment acceptance for merchants and businesses by offering them ready-to-use tools to develop and manage customer payments.

The move follows Nexi’s ambition to drive digital transformation and a cashless payments culture in Greece.

Nexi Group CEO Paolo Bertoluzzo said that the firm will invest more than €100m in Greece and plan to hire 100 employees to work on the “new generation of open platforms”.

Commenting on the partnership, Bertoluzzo said: “Today we are proud to announce the launch of a strategic partnership with Alpha Bank in Greece, resulting in the joint creation of Nexi Payments Greece, which will allow us to accelerate the process of modernisation and digitalisation of payments in the country.

“This partnership with Alpha Bank, in line with our selective investment strategy in markets with high-growth potential such as Greece, for Nexi Group represents a further step in our path of creating value in a highly competitive and rapidly consolidating market”.

Alpha Bank Group CEO Vassilios Psaltis added: “We are excited with the level of engagement with our partners, and we are confident that our endeavour will transform the experience of digital payments in Greece, where our customers are rapidly embracing cashless payments”.

Last month, Nexi struck a deal to buy merchant acquiring and POS management businesses of BPER Banca and its Banco Di Sardegna subsidiary in a deal worth up to $412m (€384m).

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