Weekly Newsletter

15 November 2023

Weekly Newsletter

15 November 2023

IN Groupe agrees to acquire Nexi’s eID business

Once the transaction is completed, In Groupe will look to become a industry leader player in identity and secure digital services

Robert Prendergast November 09 2023

IN Groupe has entered into an agreement with Nexi to take over its eID business. The ambition of Nexi is to further strengthen its position as a PayTech in Europe. IN Groupe is a specialist in identity and trust solutions, providing solutions that address a variety of digital identity challenges. These enable both corporates and consumers/citizens to benefit from the digital transformation in a simple and secure manner.

Didier Trutt, CEO and Chairman, IN Groupe, said: “Nexi has, via its ownership of Nets, managed to develop an industry-leading identity and trust solutions in Denmark which has contributed to making Nordic societies the most digitised in the world. We understand how critical it is to deliver stable, resilient and secure services. Combining Nexi’s eID capabilities with our own will enhance our ability to support our customers throughout Europe as they have to embrace new regulations rapidly coming into play such as eIDASv2 and NIS2.”

Torsten Hagen Jørgensen, Global Head of Issuing Solutions in Nexi, added: “We want to expand digital payments in Europe and broaden our presence as provider of digital payment solutions. Therefore, we have reviewed the possibilities to divest our eID business. Our main objective was to find a future owner that will maintain and develop our eID solutions to the same high standards we have applied. In IN Groupe, we could not have found a better home for our eID business. Our customers and citizens can expect a provider of critical digital infrastructure.”

IN Groupe hopes to become a preferred partner of governments and businesses in Europe

The completion of the transaction is subject to customary closing conditions. It must receive the authorisation of the Danish government on the suitability and capabilities of IN Groupe as their continued eID solution provider.

IN Groupe’s strategic ambition is to become an industry-leading player in identity and secure digital services. In turn, becoming a preferred partner of governments and businesses in Europe. The acquisition of the eID Business from Nexi will enable the group to augment its geographical footprint. Also, to serve its customers with a portfolio of differentiated ID and trust services based on cutting-edge technologies.

APAC region expected to dominate the global mobile wallet market

Per GlobalData, the mobile wallet market transaction value will be valued at $54.01 trillion in 2023 and is expected to grow at a CAGR of 10.5% by 2026. The APAC regional growth is expected to be led by China and India, both countries characterized by large population and growing smartphone penetration. Mobile wallet transaction value in India is projected to grow at a CAGR of more than 20% from 2023 to 2026. The country’s government has been promoting the adoption of mobile wallets as part of their digital transformation agenda.

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