Credorax partners with Mondial to launch omnichannel POS acquiring in Italy
Mondial Bony has partnered with Credorax to launch the MondialPOS merchant acquiring solution in Italy to address the country’s shift to e-commerce amid coronavirus.
The new partnership will allow Mondial Bony to expand beyond its money remittance platform, where it is an authorized payment institution by the Bank of Italy, emphasizing B2B invoice cross-border payments. Credorax will provide an omnichannel payment gateway for Mondial to resell to its clients. The Credorax payment gateway will be leveraged for both the online and in-store merchant acquiring solution.
“We are providing the payment gateway, the acquiring solution, B2B money remittance services and routing of financial transactions for Mondial Bony,” said Igal Rotem, founding member and CEO of Credorax. “The opportunity here is that the Italian market is very attractive to both Credorax and Mondial since COVID-19 has ultra-accelerated the shift from in-store purchasing to e-commerce."
The partnership with Mondial Bony marks the third deal in less than one year for Credorax, a Tel Aviv-based merchant acquirer/processor with a European banking license. The company’s acquiring bank, Credorax Bank, is based in Valletta, Malta. In September, Credorax expanded its multi-channel offering with an mPOS partnership with BBPOS covering all 32 countries in the European Union.
In July, Credorax partnered with money transfer agent Small World Financial and two other firms, NMI and Hemisphere West, to boost European cross-border payments and acceptance.
“We already have Italian customers that have big pan-european operations. This is one of the first purely focused Italian companies we have partnered with, although Mondial’s operations do include Spain. We can cover their entire current and future planned European activity,” added Rotem.
The coronavirus pandemic has caused a dramatic shift in the retail landscape across the globe, with a particular emphasis in Europe and the U.S., as consumers and retailers have shifted to contactless payments in-store and e-commerce for delivery and pickup.
Since the pandemic struck in Europe, there has been a growing shift for retail to move to the online channel. In April, 30% of all retail sales in the U.K. had moved to the online channel, up from 18.9% in February.
In March, Mastercard increased its contactless transaction limits in 29 European countries, anticipating the consumer switch in payment preferences. This was followed by a similar raise in April in Canada. By the end of May, Mastercard announced that 78% of its European transactions were contactless, and it expected the shift in payment choice would be permanent.
Similarly, British bank NatWest announced in May that the coronavirus pandemic was driving a rapid increase in its U.K. small-business merchant acquiring unit, Tyl, with 70% being first-time card acceptors.
“We are not providing point of sale lending at this time, but it is on the roadmap for us to provide to our clients such as Mondial. The play at the moment is the opportunity to address the growing e-commerce demand in Italy and the cross-border opportunity to sell to other European markets,” added Rotem.