Mokka, the leading Buy Now Pay Later in Central and Eastern Europe, has become a partner for F64, the largest store in Romania dedicated to photography enthusiasts and a landmark company in the field of digital art and videography.
F64 is an important retailer specializing in photo, video, audio, action camera, drone, studio products and accessories, plus home & entertainment products and expert advice. Late last year F64 introduced the Mokka alternative payment method for its online store, to offer an extra facility to its customers.
“We implemented the Mokka payment service just as the winter holiday shopping kicked off last December. We wanted to help customers and make it easier for them to buy their favourite products at a time when spending is usually higher. With Mokka we offer our clients a flexible alternative payment method that allows them to finance their purchases in equal instalments, according to their preferences, from 6 to 24 months. The partnership with Mokka is part of our strategy to offer our large family of customers the most pleasant, modern, and comfortable shopping experience”, says Claudia Tudor, Deputy General Manager of F64, a company with a 22-year history on the market.
“More and more retailers have become interested in growth solutions based on high-performance financial technologies because of their obvious advantages for both online and offline businesses: traffic growth, reduced cart abandonment, and an increase in average transaction value are just a few of them. For customers, the ability to buy now and pay later for the products or services they purchase radically transforms the shopping experience and brings it into the 21st century”, says Marius Costin, Mokka regional CEO. “We are delighted with the partnership we have recently started with F64, one of the flagship companies in the photographic and digital art segment.”
Mokka is the fintech company that introduced the Buy Now Pay Later service in Romania two years ago. Already operating in Poland and more recently in Bulgaria, Mokka is already partnering with major retailers in the market, including CCC, Reserved, Cropp, Mohito, House and Sinsay, Lensa, MegaDepot, service chain Rădăcini, BMall, Humanic and others.
The results of a Research and Marketers study show that the BNPL industry has witnessed a significant growth in the last four quarters globally, due to increased e-commerce penetration and the diminishing impact of measures caused by the Covid-19 pandemic. Forecasts for the medium-and long-term adoption rate of BNPL are, according to the same study, equally optimistic.
Adoption of Buy Now Pay Later payments is expected to grow steadily, with an estimated compound annual growth rate (CAGR) of 25% over the period 2022-2028. The gross value of BNPL goods will grow globally from $ 426.2 billion in 2021 to $ 2,341.1 billion in 2028.
The leading Buy Now Pay Later player in Romania, Mokka is in close partnership with retailers to develop the most competitive financial products and solutions. “In the near future we aim to increase our presence in the Romanian retail landscape. We assert to surprise retailers and store customers with the new functionalities and innovations that Mokka will soon bring to the market”, Marius Costin adds.