New law mandates card payments in Romania: How do myPOS payment solutions help Romanian businesses?

All merchants, authorized individuals and companies, are now obliged to accept electronic payments. Law 406/2023, which regulates the use of bank cards and card payments at merchants went into effect on Sunday, June 16. Economically, this regulation is anticipated to increase the transparency of financial transactions, thereby reducing tax evasion and increasing government revenue.

This transition is expected to initially pose challenges due to the costs and logistics of implementing new POS systems. On the other hand, by adopting electronic payments, traders can improve their transaction efficiency, reduce the risk of fraud, and enhance customer satisfaction through faster and more secure payment options.

To support businesses in complying with this new regulation, myPOS, a leading European fintech company, offers a variety of traditional and Android-based POS terminals, enabling business owners to accept payments anywhere – in-store, online, and on the go. However, myPOS is the only payment service provider offering merchants the benefit of instant settlement of funds within seconds at no additional cost. This allows businesses accepting payments via myPOS to use their money immediately to solve urgent needs and seize investment opportunities.

At the European level, Romania ranks 11th when it comes to the current POS terminal network, with only 18 terminals per 1,000 inhabitants, significantly below the European average (36 terminals), according to ECB data. The widespread adoption of electronic payments is expected to boost consumer spending, improving the flow of money in the economy and contributing to the overall development of the commercial sector.

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With a myPOS device, merchants can accept all payment methods, including chip, PIN, magnetic stripe, and contactless cards from global operators such as Visa, Mastercard, JCB, and Amex, as well as European payment schemes including Bancontact and iDEAL. All myPOS terminals are equipped with a free data card providing 24/7/365 mobile connectivity, offering unparalleled flexibility.

“I purchased the myPOS carbon device and can say it has made my job up to 70% easier! Instant funds in your account, transactions are done in seconds. The best advantage is that you don’t have to open hundreds of bank accounts. You get a myPOS business card that you can use anywhere – at the mall, gas station, restaurant – without any fees. No monthly device subscriptions. You buy it and it’s all yours!”, shared Valentin, from ACROM on Trustpilot.

myPOS caters to the needs of micro-merchants and SMEs not only by providing seamless payment solutions but also by offering access to a business platform equipped with all the tools they need to simplify their daily operations and grow in a digitally-led business landscape.

Clients receive a free multi-currency account, enabling them to track payments on the go through a mobile app, resolve company expenses with a free business card, pay suppliers, and more. Merchants also have the possibility to create their free e-commerce site from the myPOS account and integrate the online payment solution to quickly grow their sales. This all-in-one solution meets the needs of today’s small business owners without long-term contracts, subscriptions, or monthly fees.

“We view the new law as a favorable measure for the commercial sector, one that will streamline the payment experience for both businesses and customers. In Romania, there is still a lack of understanding about the high costs associated with using cash for all parties involved. Businesses need digitalization to optimize their operations. At myPOS, our goal is to help entrepreneurs benefit from the latest fintech tools in order to meet new requirements and evolving payment trends, without the burden of the high costs often associated with adopting new technologies”, said Laura Pup, myPOS Country Manager and Managing Director for Romania.

Operating on the Romanian market since 2019, myPOS has become a top choice for Romanian businesses when it comes to digital payment solutions. The company’s solid performance over the five years stands as proof: the number of myPOS payment terminals in use in Romania has increased by 40% year-over-year (YoY). The number of merchants has also increased by 25% for the first half of 2024, as compared to the same period last year. Overall, myPOS has registered steady growth in recent years and in 2024 the company again is expecting double-digit growth and a total volume of processed transactions of over 14 billion euro. Currently,  thousands of merchants in Romania from industries such as wholesale, food-and-beverage, health-and-beauty, taxi, retail and rental branches rely on myPOS payment solutions. While the fintech company primarily targets SMEs, it has also established solid partnerships with several major companies such as Augsburg International, InterRegional Calatori, Fryday, Swiss Clinique, Zeus Services, Custom Production Europe, etc.