Wirecard, the global innovation leader for digital financial technology, is furthering its pioneering work in the field of real-time digital payment solutions in Romania, taking advantage of the strong digitalization trend and improving the overall customer experience. „The company is enabling a state-of-the-art payment solution for eMAG customers.”, according to the press release.
The volume of online sales of goods in Romania increased by 30% to EUR 10 million per day, based on data supplied by major local online retailers. The growth rate was among the highest in Europe for the second year in a row, showing the market’s robust growth potential.
Electronics & Media is currently the leading product category in Romania, followed by Fashion. By 2022, Electronics & Media will still be the most purchased online category, with an estimated value of USD 1.07 billion, according to Statista. Fashion will have an expected worth of USD 909.6 million.
Especially for these segments, Wirecard has developed a special solution for eMAG customers: Leveraging Wirecard’s digital financial commerce platform, eMAG is able to ensure immediate and uncomplicated refunds with its “Instant Money Back” offer, based on Mastercard Money Send and Visa Direct services.
„By shortening the time of receiving money back from days to just a few minutes, eMAG is further improving customer service leading to increased brand trust and loyalty. The solution is the first of its kind in Europe and applies to all purchases, regardless of sales channel, thus driving Unified Commerce.”, the company said.
“Online shopping is growing fast in Romania and this is mainly due to the growing comfort that the end consumer feels when ordering or paying. The latest payment solution with eMAG is taking this experience to a new and higher level, contributing to making all aspects of the purchase process as fast and seamless as possible, and we are excited to be pioneering it,” said Utku Ogrendil, Managing Director at Wirecard in Romania.
eMAG is the largest e-tailer in Romania with annual sales figures of over EUR 1 billion and has also expanded into new markets such as Bulgaria, Hungary and Poland.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”