Paysera starts providing a payment initiation service in Romania
đź“… July 7, 2021
In Romania, one of the fastest-growing e-commerce markets in the EU, the fintech company Paysera started providing a payment initiation service based on open banking where online payments are made by initiating them from an account with the buyer’s bank. Paysera is among the first providers of this technology in Romania.
Payment initiation from the buyer’s account became available to e-shops when the most popular banks în Romania – Banca Transilvania, BCR, ING Bank, Revolut – granted access to the accounts of clients on the basis of open banking, and Paysera performed the integration of the bank systems.
“Financial technologies based on open banking brought greater competition to Europe. For businesses and private customers, these technologies mean a wider choice and lower prices. Payment initiation is one such financial innovation. It is widely popular across the Baltics where our payment initiation from the buyer’s account is used by almost 10,000 e-shops – where buyers spent EUR 315 million in 2020. According to our data, payments using this method constitute over 70 per cent of the turnover of e-merchants in the Baltics,” says Vytenis Morkūnas, the CEO at Paysera LT.
According to the statistics, last year, Romanian e-shops sold goods and services for EUR 5.6 billion, or 30 per cent more than the previous year – it is one of the hottest e-commerce markets in the EU according to the growth rate.
According to the statistics, last year, Romanian e-shops sold goods and services for EUR 5.6 billion, or 30 per cent more than the previous year – it is one of the hottest e-commerce markets in the EU according to the growth rate.
Paysera collects online payments for more than 13,000 e-shops, allowing them to accept payments by card, payment initiation from the buyer’s account, and through the so-called Bank Link. Last year, buyers in shops serviced by the fintech company spent EUR 580 million.