Satispay operates without banks, and works by keeping a balance in a Satispay account which a customer can use over the course of the week. At the end of the week it is automatically topped up. The service does not use a credit card, but rather bank transfers, and can work with any bank. For retailers it offers free transactions for transactions below 10 Euro, and only costs a flat rate of 0.20 euro for deals larger, no matter what the price.
The deal could see more than 83,000 retailer locations in Italy adopt the payment service, with BCC set to promote it to their 1.2 million customers also.
Besides mobile payments the app also lets users easily send money to each other or split bills and even make online payments.
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