Mogo Romania, the fintech that finances used vehicle acquisitions, marks an important step in its strategy of expanding partnerships and payment channels for its clients. The company partners with PayU, the payment service provider, to streamline credit payments by including the option of 100% online recurring payments.
„Through the PayU platform, customers can instantly access the recurring payment option, with a processing time of three seconds. To date, approximately 800 Mogo customers have chosen to enroll their debit cards in the PayU platform and activate this solution.” according to the press release.
Consumer willingness to use online payment methods increased significantly last year compared to 2019, and the upward trend continues. The data shows that in 2022 card payments tripled compared to 2019 in the European Union, 26% of which were processed through independent online payment solutions. In terms of recurring payments, most people choose to use online payments mainly for paying bank installments, with 93% of payments made by bank transfer, direct debit, or card, according to a questionnaire-based study by the European Central Bank.
„Streamlining internal processes is our priority, and the partnership with PayU is an important step in our strategy. The fact that 800 customers have voluntarily enrolled their debit card in the platform and activated the recurring payment solution motivates us to develop and integrate other new and innovative solutions to facilitate the digitalization of financial services in Romania„, declares Daniela Dragnea – Deputy General Director of Mogo Romania.
Currently, Mogo Romania offers its clients the option to pay through bank transfer, electronic transfer, or the company’s website. At the same time, PayU covers international payments, so clients outside of Romania can use the platform.
„This partnership is important to us as we encourage circular economy, human mobility, and democratizing access to online financial services. We have noticed an increase in the use of online payments, and the services we provide have helped to improve trust in such methods over time, enhancing the user experience”, declares Elena Gheorghe, PayU Romania Country Manager.
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Mogo Romania has been operating since 2017, financing individuals and authorized individuals for new or used car acquisition. Until now, Mogo has financed over 12,000 customers.
Eleving Group is a fintech present in 14 countries on 3 continents: Europe, Asia, and Africa. The group operates in financial services and is one of the 1,000 fastest-growing companies in Europe, according to Financial Times. It currently has over 2,600 employees, over 350,000 customers, and over 1 billion euros financed.
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