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October 20, 2020
BUSINESS SUPPLEMENTS

PayU – the number 1 expert in online payments

PayU Romania is a leading online payment service provider dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Having the strength of local approach – valuing local language and culture, the entrepreneurial spirit and the quality of their team – the business has constantly grown becoming the local expert in online payments in global growth markets.

PayU’s priority is to match the needs of businesses selling products and services with the way consumers shop and pay. Whether someone wants to make a payment online on a computer, tablet, mobile device, e-wallet or even offline, PayU’s 250+ payment methods are designed to make it fast, simple and secure.

PayU operates in 16 countries on 4 continents: high growth markets in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa, where their teams of experts develop the best solutions tailored to the local desires of online sellers and buyers.

With over 1400 employees worldwide, PayU’s daily focus is to continuously improve their offer and services so that it exceeds the needs and expectations of their 160,000+ merchants and millions of buyers.

PayU is part of the e-payments division of Naspers Ltd. a broad-based, multi-national South African media group founded in 1915, which provides services in more than 133 countries. Naspers is ranked third worldwide in terms of the number of e-commerce customers served and presents the greatest upward dynamics in its industry.

 

PayU: a business of growth

 

Marius Costin_Country Manager PayU RomaniaPayU registered online payments worth RON 1.2 billion during April 2015-March 2016, 44 percent more than in the previous fiscal year. At the same time, the e-commerce market in Romania has reached RON 1.8 billion, a 31 percent increase compared to the previous year.

The online payments market has grown significantly over the past year. The average value of the online shopping basket of Romanians increased by about a third, reaching over RON 260. The biggest online transaction was recorded in eTail and amounted to RON 140,000.” – Marius Costin, Country Manager PayU Romania.

IT products lead among preferences, with over 40 percent of orders coming from this area, while shopping carts in this segment are three times higher than the overall average – reaching over RON 700. Ranked in second are fashion & beauty products, followed by home & deco, products for children and books.

In Romania, online payments are still a growing segment, with 10 percent of payments being made by card, 1 percent using other online methods (wire, iTransfer and others), while the rest of 89 percent are made in cash.

Although most Romanians still choose to pay in cash, last year there were about two new people paying by card in the PayU system every minute. Installment credit cards are still preferred by those who pay online, the average value of a transaction made with this type of card being three times larger than a normal credit card transaction.” – Marius Costin, Country Manager PayU Romania

At the same time, mobile payments are still in early stages; only 3 in 10 Romanians choosing to pay by card use a mobile device (tablet, Smartphone).

The overall vision analysis of online payments in Romania shows us an unpredictable evolution, sometimes spectacular, for this year. The main driver will be promoting by traders the online payment methods to the detriment of cash payment,s due to the decrease in interchange fees. I estimate that the volume of traded PayU payments will increase by 40 percent over the previous fiscal year.” – Marius Costin, Country Manager PayU Romania

 

Why to choose PayU?

If you are a merchant

  • The highest security standard guaranteed. Every transaction is secured, with its data encrypted and safely stored.PayU
  • Single Integration. With a single integration your business starts receiving local payments in most places where PayU operates
  • Better conversion rates. With PayU’s direct connection to local acquirers, your clients’ approval rates tend to be higher than the rest
  • A variety of payment options.
    • Card Payments: easy, fast and secure payments for card owners
    • Installmentonline payments: fast, secure and comfortable payment. In addition, you can increase your sales and benefit from a new data base of potential clients.
    • Internet banking payment: every client can easily be transferred to its internet banking platform
    • Zebra Pay cash payment: all clients can make an online order and pay it in cash through a Zebra Pay terminal
    • Pay by Click: services or products from your site can now be purchased with one click, without following the necessary steps within an online payment process, but keeping the same level of security.
    • Pay on Time: allows a transaction to be periodically reinitiated, with the shopper’s consent, without him having to even open his PC.

“Given that the trend is to buy more and more online, it is essential that shops provide to consumers as many payment methods as possible, to offer them an easy buying experience – just a click away even – and 100% safe. And for all this choosing a reliable payment provider makes the difference.” – Marius Costin, Country Manager PayU Romania

  • Increase of clients satisfaction and loyalty
  • Cash flow improvement: having PayU as your payment provider it’s a guarantee that your money are safely and fast transferred to your account.

 

If you are a buyer:

  • 100% safety: The safety of your transaction is guaranteed.
  • Simple: every online payment is easy, being based on offering the best payment experience
  • Speed through checkout. You select your preferred payment method and click on pay. Check out fast and securely at thousands of online stores from your computer, tablet or Smartphone. Plus, you save time!
  • Variety: whether you pay by card, internet banking or pay by click, PayU offers a variety of payment methods to choose from
  • Satisfaction: with simple, secure and better online payments, your satisfaction is at a top level
  • Great discounts: PayU and its partners – your favorite online stores – offer you the best discounts from a variety of products, covering all your needs.

 

Next step in e-commerce: EDUCATION

Based on the fact that 89 percent of the online payments are made in cash, PayU analyzed the profile of Romanian shoppers and found out that the top three reasons they don’t pay online are:

  1. They want to see the product before buying it
  2. They do not trust the merchant
  3. They do not trust to put online their payment data

Even though, e-commerce is a growing market in Romania and the opportunities have no boundaries. The new generation of millennials will probably be the driver of the e-commerce market.

Although it should have been the common ground of all involved parties, Romanian e-commerce market leaders need to make a step back at the beginning of business and focus on education. Banks, merchants, online payment providers should focus on educating their clients, while simultaneously grow their business. Education regarding online payments is no longer an option, but a necessity in order to build trust among consumers and develop the e-commerce market.

 

 

 

 

 

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