What ADMIRAL Pay does

ADMIRAL Pay Istituto di Pagamento S.r.l. is an Italian payment institution founded in 2018 and headquartered in Rome, operating as a sole-shareholder subsidiary under the direction and coordination of NOVOMATIC Italia S.p.A. It is authorized by Banca d'Italia under articles 114-sexies et seq. of the Consolidated Banking Law (registration 91, identification code 36080) and holds ISO 9001, ISO/IEC 27001, and ISO 37001 certifications. The company provides a multi-service digital payment platform spanning physical retail, web, mobile, and self-service channels, serving four primary customer sets: small retailers (tabacconists, newsstands, bars, convenience stores), specialized gaming recharge points known as Punti Vendita Ricariche (PVR), online gaming concessionaires, and end consumers.

The product portfolio is organized into three core B2B merchant verticals — ADMIRAL Pay PRO (Sunmi hardware POS with integrated printer and scanner), ADMIRAL Pay GAMING (software-only platform for PVRs enabling compliant gaming account top-ups beyond the €100/week cash limit under Decreto Legislativo 41/2024), and ADMIRAL Pay SMART (web-based multi-service platform requiring no proprietary hardware) — supplemented by APay E-Wallet, a Banca d'Italia-regulated mobile wallet with IBAN, P2P transfers, and gaming account integration, and APay Station, a self-service kiosk for autonomous bill payment, deposits, withdrawals, and gaming winnings collection. Underlying infrastructure includes a PSD2 dedicated interface for Third Party Providers (AIS/PIS), public performance logs, and integrations with SIA's PSD2 infrastructure. The platform is distributed through 1,800+ affiliated retail outlets and 40,000+ service providers, with gaming-operator integrations spanning Sportbet, Eurobet, DAZN Bet, DomusBet, Syngame, Gioca7, Quigioco, and HBG Online Gaming.

The business model is transaction-fee based: ADMIRAL Pay earns commissions on each payment operation processed through the merchant network — including PagoPA bills, MAV/RAV, phone recharges, gift cards, gaming account deposits/withdrawals up to €5,000 per transaction, and merchant services such as SPID activation, electronic invoicing, and parcel handling. The ADMIRAL Pay Gaming offering is explicitly zero-fixed-cost with no monthly or activation fees and no long-term contracts, monetized purely through transaction commissions. The go-to-market combines a direct enterprise sales team for gaming operators, an SMB field-sales motion for retail affiliates supported by a referrer (segnalatore) program, and presence at industry events (ENADA, IGA, IGE), with brand-building via sports sponsorships (Rimini Marathon 2026, Run Rome The Marathon 2026) and CEO-led press engagement on cashless and gaming regulation themes.

Name

ADMIRAL Pay

Legal name

ADMIRAL Pay Istituto di Pagamento S.r.l.

Website

https://admiralpay.it

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

ADMIRAL Pay is a Banca d'Italia-authorized Italian payment institution providing multi-service digital payment infrastructure — POS, web, mobile wallet, and self-service kiosks — to 1,800+ affiliated retailers, PVR gaming recharge points, gaming concessionaires, and consumers across Italy.

Ownership category

akta.pro rank

Product category

Payment Institution / Digital Payment Services

akta.pro primary industry

Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)

akta.pro secondary industries

Mobile POS (mPOS) Devices & Handheld Terminals (HDACAKAB), Sportsbook Platform & PAM Providers (B2B) (MPAEACAC)

Keywords

• Payment institution services
• Gaming payment compliance
• Merchant payment processing
• Mobile wallet solutions
• PagoPA bill payments

Headquarters

HQ city

Roma

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction and Commission Fees: ADMIRAL Pay earns revenue through transaction fees and commissions on each payment operation processed through its network of affiliated merchants. The company charges merchants for payment processing services including bill payments, phone recharges, gift cards, and gaming account deposits/withdrawals.
2. Admiral Pay Gaming Subscription-free Model: Admiral Pay Gaming operates on a zero-fixed-cost model with no monthly fees, no activation costs, and no long-term contractual obligations for PVR operators, generating revenue through transaction-based commissions rather than recurring subscriptions.
3. Gift Card and Voucher Sales: Revenue from selling gift cards and digital codes for major brands (Amazon, Google Play, Spotify, Netflix, etc.) with margin on each transaction
4. Professional Services: Technical support, installation, and maintenance services for POS terminals and payment hardware solutions

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

ADMIRAL Pay is an Italian payment institution (Istituto di Pagamento) authorized by Banca d'Italia that provides B2B merchants and consumers with a multi-service digital payment platform. It delivers electronic payments, mobile wallet services, gaming account cash deposits/withdrawals, PagoPA and bill payments, phone recharges, gift cards, SPID activation, and electronic invoicing through three merchant solutions (PRO, GAMING, SMART) together with the APay E-Wallet app and APay Station self-service device, distributed via 1,800+ affiliated retail outlets and 40,000+ service providers.

Product overview

ADMIRAL Pay is a multi-product fintech platform operated by Novomatic Italia, offering a portfolio of B2B digital payment solutions and B2C financial services. The core product suite comprises three branded verticals: ADMIRAL Pay PRO (hardware-based terminal solution with Sunmi device, integrated POS, and barcode scanner), ADMIRAL Pay GAMING (web-only software for PVR game account top-ups compliant with Italian gaming regulations), and ADMIRAL Pay SMART (web-based platform for merchants without hardware investment). These are supplemented by APay E-Wallet (Banca d'Italia-authorized mobile wallet with IBAN, P2P transfers, cash deposit/withdrawal, and gaming account integration), APay Station (multifunctional self-service kiosk), and a broad range of modular services including bill/municipal payments (PagoPA, MAV, RAV, F24, car tax), mobile top-ups, gift cards and digital codes, SPID activation, electronic invoicing, parcel services, cinema/event ticketing, and business registry searches. The company serves over 1,800 affiliated merchants (tobacconists, newsstands, bars, gaming halls, PVRs) and is authorized by Banca d'Italia as Istituto di Pagamento under TUB articles 114-sexies et seq. ( matricola 91, codice identificativo 36080).

Differentiator

Problem solved

Functional benefit

Brands

• Admiral Pay Pro: A POS-terminal-based payment solution for retailers (tabaccherie, edicole, bars, newsstands) featuring Sunmi hardware, barcode reader, and integrated printer for handling payment and recharge services at the counter.
• Admiral Pay Gaming
• Admiral Pay Smart
• APay E-Wallet
• APay Station

Products and services

• ADMIRAL Pay PRO Full counter payment solution for retail merchants such as tobacconists, newsstands, bars and convenience stores, integrating a Sunmi hardware terminal with POS, thermal printer and barcode/QR scanner to process digital payments, bill payments, phone recharges, gift cards and gaming account operations.
• ADMIRAL Pay GAMING Software-only web platform for Punti Vendita Ricariche (PVR) that enables compliant cash deposits and withdrawals on online gaming accounts beyond the €100/week cash limit using traced digital payment instruments, fully aligned with Decreto Legislativo 41/2024.
• ADMIRAL Pay SMART Browser-based multi-channel merchant services platform that delivers PagoPA, MAV/RAV, F24, SPID activation, gift cards, game account services, event ticketing, parcel drop-off/pickup and e-wallet management without requiring dedicated hardware.
• APay E-Wallet Mobile wallet application that lets users open virtual wallets, receive payments, withdraw and deposit cash, transfer money, purchase products/services, digitise tickets and collect VLT gaming winnings, with IBAN, bank transfers, P2P transfers and gaming account integration, regulated by Banca d'Italia.
• APay Station Self-service multifunctional HUB kiosk deployed at merchant locations that allows customers to autonomously pay PagoPA bills, deposit funds to APay and E-Wallet accounts, withdraw cash, collect gaming winnings, top up gaming accounts and exchange coins and banknotes.

Quantifiable outcome

• 100% PSD2 interface uptime maintained during Q1 2026 with 0% error rate on all API transactions
• +2 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Esa EnergiaminorStrategic or Co-development Partner · 15 May 2026Partnership to bring new proximity services to citizens in the energy sector, extending ADMIRAL Pay's service offerings beyond gaming into utilities.
• Gioca7 (Pintertotobet)coreTechnology or Integration · 12 May 2026Gioca7, as an online gaming concessionaire, has entrusted ADMIRAL Pay with payment service management. Users can deposit and withdraw from gaming accounts using APay E-Wallet, both online and through the PVR network, with full regulatory compliance.
• SportbetcoreTechnology or Integration · 17 April 2026Strategic partnership integrating ADMIRAL Pay services for deposit and withdrawal via APay E-Wallet on Sportbet's gaming platform and PVR network. Allows players to recharge gaming accounts with cards or cash at PVR locations and withdraw winnings in real-time through the omnichannel ecosystem.
• EurobetcoreTechnology or Integration · 10 March 2026Partnership with Eurobet creating a new phygital experience for millions of Italian players through integrated payment services connecting online gaming with the physical PVR network.
• Syngame (Betpassion)coreTechnology or Integration · 16 February 2026Integration of APay EWallet services within the Betpassion gaming portal and PVR network, enabling cash deposits, real-time winnings collection, and omnichannel deposit/withdrawal management in compliance with ADM regulations.
• DomusBetcoreTechnology or Integration · 2 February 2026Technology partnership bringing simplicity and innovation to DomusBet players through ADMIRAL Pay payment integration.
• DAZN BetcoreTechnology or Integration · 19 December 2025Strategic alliance for digital payments and gaming account recharges, integrating ADMIRAL Pay services with DAZN Bet's gaming platform.
• NOVOMATIC ItaliacoreOthersADMIRAL Pay is the payment institution of the NOVOMATIC Italia Group. The company operates under the direction and coordination of NOVOMATIC ITALIA S.P.A., which has been active in Italy since 2007 with over 4,000 employees in the country.
• QuigiococoreTechnology or IntegrationQuigioco selected ADMIRAL Pay as its authorized and supervised payment institution partner for cash gaming account recharge operations, ensuring transparency, security, and regulatory compliance.
• HBG Online GamingcoreTechnology or IntegrationGaming concessionaire integrated with ADMIRAL Pay's payment ecosystem for player transactions.
• NOVOMATIC Italia (ENADA Partnership)coreStrategic or Co-development PartnerAt ENADA 2026, NOVOMATIC Italia showcased its gaming ecosystem including the cashless payment solution NOVOLINE Easy VLT integrated with ADMIRAL Pay. CEO Markus Buechete stated the event marked renewal of stakeholder dialogue and commitment to industry transformation through integrated, secure, connected solutions.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Worldline: Major European payment processor that, following the merger with Ingenico, competes in merchant acquiring and integrated retail-payment services across Europe - potential substitute as it expands in Italy.
• Nexi: Italy's dominant card-acquiring and digital-payment processor. While not focused on retail proximity services, Nexi competes for B2B payment-processing mandates and platform integrations across the same Italian merchants.
• Sisal (SisalPay / proximity payments): Historic Italian gaming and payment-services operator; the retail payment-services business was rolled into Mooney, but Sisal remains a major Italian gaming concessionaire integrated with - and competitor to - ADMIRAL Pay's gaming payment infrastructure.
• Poste Italiane (PostePay): Italy's national postal/payment provider offering PostePay prepaid cards, bill payments, and SPID services through thousands of post offices - a far larger incumbent operating broadly across the same retail-payment services ADMIRAL Pay targets.
• PagoBancomat: Italian interbank card network for cash withdrawals and payments, providing the underlying rails that ADMIRAL Pay's retail services partially overlap with and integrate against.

Direct peers

• Satispay: Italian mobile-payment app and payment institution with strong consumer wallet + merchant acceptance presence. Comparable as a Banca d'Italia-authorized Italian payment institution competing for SMB merchant integrations and consumer wallet share.
• Trust Payments: Multi-jurisdictional payment institution offering PSP services with significant focus on regulated gambling/gaming merchants - comparable positioning in serving compliance-heavy gaming operators.
• Trustly: European authorized payment institution offering account-to-account and alternative payment methods, comparable as a regulated payment institution with PSD2 interface and gaming/iGaming vertical penetration.
• MultiSafepay: European payment service provider focused on alternative payment methods and iGaming/e-commerce verticals - directly comparable as a multi-method payment processor serving regulated gaming merchants.
• Mooney Group (formerly SisalPay / Banca 5): Italy's leading proximity-payments and bill-payment network with ~40,000 affiliated retail outlets, offering services nearly identical to ADMIRAL Pay (bollettini, PagoPA, gift cards, recharges) - direct head-to-head competitor in the Italian retail payment-services space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/admiralpay
• Facebookfacebook.com/AdmiralPay
• LinkedInlinkedin.com/company/admiral-pay

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ADMIRAL Pay