Paysera launches its payment initiation service in Romania!
What is the payment initiation service?
The Paysera PIS is an online payment processing service that is based on open banking. When shopping online, payments are made by initiating them from the buyer's bank account. This makes the shopping process simple and quick for the buyer and cheap and convenient for the merchant.
Such payments are visible to the merchant either straight away or within the next working day – all in one account, no matter from which bank the payment was made. Paysera was planning this launch since the spring of 2020 and is now the second provider of this technology in Romania.
What does it mean for the Romanian market?Payment initiation from the buyer’s account became available to e-shops in Romania after the most popular banks in the country – Banca Transilvania, BCR, ING Bank, Revolut, etc. – granted temporary secure access to the accounts of clients on the basis of open banking, and Paysera performed the integration of these bank systems.
“Financial technologies based on open banking brought greater competition to Europe. For businesses and users, these technologies mean a wider choice and lower prices.
Payment initiation is one such financial innovation. It is widely popular across the Baltics where our payment initiation from the buyer’s account is used by almost 10,000 e-shops - where buyers spent EUR 315 million in 2020. According to our data, payments using this method constitute over 70 per cent of the turnover of e-merchants in the Baltics,” says the CEO of Paysera LT, Vytenis Morkūnas.
According to the statistics, last year Romanian e-shops sold goods and services for EUR 5,6 billion, or 30 per cent more than the previous year – it is one of the hottest e-commerce markets in the EU according to the growth rate. Paysera hopes that this trend will grow even more after more opportunities and competition are introduced with them entering the e-commerce market.
Paysera is becoming increasingly popular in the Romanian market since it enables merchants all over Europe to receive a free RON IBAN in order to receive payments in RON currency directly from their Romanian clients. Moreover, Paysera is the only non-Romanian e-money institution that allows companies to pay Romanian Fiscal obligations from their Paysera multi-currency account.