The MoU also involves a commercial partnership for the distribution of Nexi solutions through Gruppo TIM's IoT unit's sales network, which is said to have more than 300 business partners including dealers and distributors across Italy
Olivetti and Nexi join forces for digital payment solutions. (Credit: rostichep from Pixabay)
Olivetti, the Internet of Things (IoT) specialising arm of Italian telecommunications firm Gruppo TIM, has signed a memorandum of understanding (MoU) with European PayTech firm Nexi to collaborate on digital payment solutions.
Under the terms of the MoU, the companies will partner to develop and market integrated fiscal and payment solutions for the retail industry.
According to the companies, they would combine their expertise to enhance Olivetti’s advanced cash systems offering with Nexi’s digital payment solutions.
Besides, the MoU involves a commercial partnership for the distribution of Nexi solutions through Olivetti’s sales network, which is said to have over 300 business partners including dealers and distributors across Italy.
Listed on Euronext Milan, Nexi claims to deliver flexible support for the digital economy and the whole payment ecosystem worldwide spanning a wide range of different payment channels and methods with its product portfolio, e-commerce expertise, and industry specific solutions.
Through the partnership, the companies intend to make retail payments and cash systems more complementary, with an aim to expedite a more extensive use of electronic payments.
The new solutions offered by the companies are expected to help merchants to subscribe to a single offer for an advanced cash register as well as a digital payment service.
Besides, daily business operations are expected to be enhanced through the utilisation of an integrated service that provides a secure and fast shopping experience.
With partnerships with various fintech companies, Olivetti is expected to deliver complete digital payment solutions and hold a significant share of the Italian cash register market, claimed Gruppo TIM.
Recently, Gruppo TIM and Google Cloud announced the launch of the first 5G edge cloud platform for enabling smart mobility in Italy.