Intesa Sanapolo has invested EUR7 million in MatiPay, which has developed a mobile payment system for purchasing services and products online with cash, using the physical network of vending machine banknote readers and coin acceptors.
The MatiPay app is equipped with a virtual wallet”, which can be topped up by both credit cards and cash, by using coin boxes and banknote readers with which vending machines are equipped. Credit can then be used to buy a coffee or a snack from the machines as well as to purchase digital goods and services such as transportation tickets, telephone top-ups and coupons for online shops.
MatiPay has so far been installed on more than 40,000 vending machines and attracted more than 500,000 consumers.
The new capital will allow the start-up to accelerate growth in Europe, Japan and the USA, where the use of vending machines is widespread: it is estimated that the network consists of about 16 million machines.
The transaction was carried out through Neva Finventures, the Corporate Venture Capital of Intesa Sanpaolo Innovation Center.