The largest Bulgarian-owned bank, First Investment Bank (Fibank), and one of the e-commerce leaders in Central and Eastern Europe – eMAG, joined forces in launching an innovative card product.
„With the new co-branded Visa credit card Fibank-eMAG, customers can pay for their online purchases made on the emag.bg platform in interest-free monthly installments, without being charged a commission for this option and with up to 12 equal monthly installments available for certain products,” according to the press release.
Another important advantage of the Fibank-eMAG Visa card is the participation in a loyalty program. When shopping on emag.bg, Visa cardholders accumulate bonus points in their account worth up to 10% of the purchase, depending on the product category. The points can then be used as a cash equivalent for subsequent purchases. The revolving Visa credit card comes with insurance when traveling abroad and also, at the customer’s request, with accident insurance from FiHealth.
In connection with the launch of the new product, Mr. Nikola Bakalov, CEO and Chairman of the Management Board of Fibank, said: „Fibank’s card portfolio is extremely diverse, and the Fibank-eMAG card is another fresh addition to it. It combines the convenience of a Visa classic credit card with the option to pay for purchases in monthly installments. We believe that in the long run, our partnership with eMAG will help improve the customer experience and make online shopping even more accessible, inexpensive and enjoyable.”
„We see more and more people paying online because it’s easy and safe. From now on, there are even more reasons to choose this option and pay with the Fibank-eMAG new Visa credit card. Our new product was developed and customized on the customer specific needs for financing their purchases while also being rewarded with up to 10% from the value of products purchased in loyalty points directly in their account. We believe our partnership with Fibank and the financial product we developed together will upgrade the shopping experience to the next level,” explains Andrei Popescu, General Manager of eMAG Bulgaria.
“For people across Europe, online purchases are no longer just a convenience but a necessity due to the pandemic. In Bulgaria almost 30% of Visa’s cardholders who traditionally did not shop online in the 14 months before March 2020 are now changing their purchase behavior to more e-commerce transactions. Now thanks to the collaboration between Fibank and eMAG Bulgaria the local customers have the opportunity to pay with their Fibank-eMAG Visa card in a secure, fast and easy way”, said Krassimira Raycheva, Country Manager of Visa for Bulgaria.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”