Santander PagoNxt’s payment fintech to expand to 30 countries in Europe
MADRID, July 26 (Reuters) – Santander (SAN.MC), the euro area’s second-largest bank by market value, announced on Monday that its fintech payments unit, PagoNxt, will begin serving clients in 30 countries of Europe under the Getnet brand.
The initiative is part of a larger strategy to boost the bank’s revenue at a time when European lenders grapple with the pressure of low interest rates while trying to fend off competition from tech companies.
Getnet is part of PagoNxt, a fintech that manages the bank’s payment activities.
In May, executives at the bank told Reuters that Santander plans to triple revenue from its PagoNxt payments business to around € 1 billion ($ 1.2 billion) over the next few years as it grows. competed with major industry players such as Apple Pay and Stripe. Read more
The Spanish bank plans to build its platform on the bank’s 150 million customers and 60 million active cards to take advantage of the significant growth in payment business revenues, with digital transactions set to double between 2020 and 2025, up to $ 10.5 trillion, Santander said.
Santander consolidated its consumer, merchant and merchant payments business into “PagoNxt” in September with the aim of creating a fintech brand.
Late last year, it bought tech assets from collapsed German company Wirecard to boost its payments business in Europe.
Getnet, which is already present in Spain and Portugal, has operational headquarters and technology hubs in Munich, Madrid, Dubai and Chennai, India.
It has 1.1 million customers and processed 90 billion euros in some four billion payments in 2020.
It is the leader in e-commerce in Brazil, where it plans to split and list GetNet by the end of the year, and offers services in Mexico, Chile, Argentina and, soon, Uruguay.
Report by Jesús Aguado; edited by Inti Landauro and Bernadette Baum
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