Enel X Financial Services, an Enel Group company that is fully owned by Enel X, has entered the digital financial services and mobile banking sector with Enel X Pay, an online banking account which, through a partnership with Mastercard, enables users to make fully secure payments and transfers in real time directly via smartphone app, to have a digital or physical card and monitor the transactions and spending of the whole family.
Enel X Pay was presented yesterday through a web press conference attended by Francesco Venturini, CEO of Enel X, Giulio Carone, CEO of Enel X Financial Services and Matteo Concas, Head of Financial Solutions of Enel X.
“Through Enel X Pay, we are expanding our platform of offers and products to financial services; a digital tool to easily manage financial transactions by relying on an innovative and trusted partner like Enel X,” said Francesco Venturini, Enel X CEO. “The disintermediation from traditional financial services give us the option of entering a highly competitive sector, bringing our ability to innovate and develop new solutions, from advisory and financial management services to insurance services.”
“With the launch of Enel X Pay we are bolstering our position in the fintech sector, contributing to the dissemination of digital payments and the development of financial services integrated with Enel’s ecosystem,” said Giulio Carone, CEO of Enel X Financial Services. “The business model we are looking at is that of a Big Tech firm, which makes available to customers its ability to innovate, counting on strategic partnerships with leading technology players, in order to offer high value-added solutions.”
Enel X Pay is a native digital account, involving a card and an Italian IBAN, which allows users to perform multiple types of transactions: from payment of bills, taxes and duties of the Public Administrations signed up to Italy’s pagoPA circuit, to SEPA transfers, from the peer-to-peer transfer of money with no additional costs, to donations aimed at solidarity initiatives to third sector associations like Save the Children, Food for Soul and Doctors without Borders.
With Enel X Pay, users can pay for the charging of electric cars in the infrastructures within the Hubject circuit. Hubject is the e-mobility joint venture involving the BMW Group, Bosch, EnBW, Enel X, Innogy, Mercedes Benz AG, Siemens and the Volkswagen Group, which boasts over 750 business partners and 250,000 interoperable charging points all over the world.
Users can manage the Enel X Pay banking account directly from the app bundled with a digital and physical card. The card is made out of plant-based bio-plastic and is linked to Mastercard, the key international payment circuit with over 52 million points of acceptance around the world.
In addition, courtesy of the Enel X Pay “family” option, a dedicated account can be activated for children between the ages of 11 and 18, providing them with a prepaid card while allowing them to make peer-to-peer transfers, withdrawals from ATMs as well as payments on e-commerce sites. Parents can rely on a useful tool which, on the one hand, offers children the freedom to manage their own funds and, on the other, allows the monitoring of their balance and transactions, while setting spending limits and fixing the amount of the prepaid card’s automatic top-ups.
The launch of Enel X Pay is a milestone in a process that the Enel Group has been engaged in for the last two years, accomplishing a series of strategic transactions. These include: the purchase of a majority stake in Paytipper, an institution with which the initial offering of online and offline payment services was created as well as the recent agreements with partners SIA and Tink which, through their highly secure and reliable technology platforms, will enable all Enel X Pay services, allowing for the development of additional open banking solutions tailored to customer needs.
Enel X Pay is available on the Google Play Store (Android) and, in the coming days, on the Apple App Store.