The Spanish fintech Pecunpay, the trademark of the electronic money institution Pecunia Cards EDE, specialised in providing cutting edge electronic money payment and processing solutions, has just launched the payment service known as Xpays, which enables mobile payments through Apple Pay and Google Pay.
The service involves the digitisation of cards onto Apple and Google wallets, for all their Visa and Mastercard cards, and both physical and virtual cards.
Pecunpay has relied on Thales Group to carry out the technology integration process. As for Apple Pay, the technology known as Push Provisioning has been featured to develop the services. This capability allows consumers to add cards directly from their mobile banking app. The institution is currently developing the new Samsung Pay wallet.
This launch is part of the fintech’s digitisation strategy, and is aimed at meeting a specific demand from its customers: being able to make mobile payments with cards issued by Pecunpay.
This launch has been received with much enthusiasm in the market: in its first month of life, 20% of the programmes issued by Pecunpay have adhered to this new mobile payment solution, that is, over 120,000 cards which can now operate with Apple Pay and Google Pay.
According to Jaime Rentero, Pecunpay’s Chief Commercial Officer, ‘the possibility of offering mobile payments through our card programmes is a great incentive for our clients. We hope it will accelerate the incorporation of new clients.’ The institution expects to reach a total of 400,000 digitised cards during 2021.
120,000 cards of Pecunpay’s programmes are already operating with Xpays.
According to STMP, the payment processing solutions market is steadily growing at a rate of 4.8%, with over €200,000 M in net purchases. The inventory of cards stands at 87.6 M, which represents an increase by 3% compared to the previous period, with debit cards accounting for 57.5%.
Nevertheless, Ángel Alonso, Pecunpay’s Chief Marketing Officer, highlights the importance of new trends in payment solutions ‘Mobile and digital payments are becoming more widely accepted among card users, since they offer safer and easier a payment experience which is much closer to users. This translates into a monthly increase above 6%.’
Focusing on Xpays, mobile payments have experienced a dramatic growth, reaching €10,944 M, where payments made with cards digitised onto Apple devices accounted for 78.8% (source STMP).
These figures reinforce Pecunpay's digital positioning, which translates into a competitive advantage for its clients' issuance programmes. These include over 40 issuance programmes, from ‘Innovation and State of the Art Technology’, ‘Young Banking’, ‘Business Corporate Cards’, ‘Cards with Social Benefits’, ‘Crypto Programmes’, etc.