Payzy expands user base but posts higher losses

According to 2024 financial statements from Cosmote Payments, the OTE subsidiary operating the platform, turnover rose by 24% to €26 million compared to 2023. However, gross profit fell sharply by 29.2%, dropping from just over €5 million in 2023 to €3.54 million in 2024.

Pretax losses widened to €7.999 million in 2024 from €6.533 million the previous year, while net losses increased to €6.239 million from €5.208 million. Total electronic payments processed through Payzy reached €1.3 billion in 2024.

Through OTE’s majority shareholder, Deutsche Telekom, Payzy was piloted in Germany, attracting 20,277 customers by the end of the year. In Greece, total users climbed to 415,259 by year-end, up from 273,787 in the first quarter. The platform also introduced a feature allowing smartphones to function as points of sale.

Despite the growth, management remains concerned about the service’s continued failure to break even.