ePayment enters Hungarian market as part of EUR 2 mln European expansion strategy

ePayment, part of online payments integrator PayU (the former Gecad ePayment), announced it was implementing its online payment solution for the Hungarian market, as part of the PayU group’s strategy of expanding its operations in more than ten European countries in the following months.

“PayU processed in 2010 almost EUR 1 billion, and in the coming period the company is looking at a market estimated at EUR 20 billion. The technical solution we will use will be the ePayment platform. Within a first phase we will invest EUR 2 million in the European expansion, and the first market we plan to finish implementing the system in the following weeks is Hungary,” said Daniel Nicolescu, CEO of ePayment.

ePayment is currently hiring, and plans to double its current 36-people team in the coming months. Hirings are made in the software development, project management, implementation and testing departments.

The company’s first Hungarian client is Vatera, an online bidding company with 2 million users.

According to a GKleNET 2011 study, the internet penetration rate in Hungary is 34 percent, on a market of a little over 10 million users. There are approximately 2,700 online stores in Hungary, and almost half of them have implemented online payment solutions.

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