PayU, the leading fintech and online payments provider across high-growth emerging markets, has today announced that a new innovative credit solution developed by PayU is now available to Romanian shoppers. Bucharest-based online retailer eMAG is the first partner to offer its customers the possibility to either postpone a payment or to pay in four instalments for all categories of products either in its own offer or for products sold by sellers active on the eMAG Marketplace.
PayU’s credit solution is available to Romanian shoppers in two separate options: Buy Now, Pay Later (BNPL), where the shopper postpones the payment for 30 days without any additional costs, and payment in four monthly instalments (SLICE IT), where the first instalment is paid at a transaction date and the rest across a three-calendar month period.
The payment methods are currently available in Beta version for eMAG customers with a history of trading and payment.
In order to use these payment methods, customers must save their payment card in their eMAG account and opt for one of the new payment methods upon completion of their purchase at checkout.
By the end of this year, PayU aims to offer these payment methods to all interested eMAG customers, through a simple enrolment and approval process that requires a minimum of information on their behalf.
PayU is planning to offer this newly launched credit solution to all of its partners in Romania in due course, once the initial pilot with eMAG is complete.
Mario Shiliashki, PayU’s CEO of Global Payments said: “The launch of PayU credit payment solution in Romania is a natural step in developing our global offering of online payment methods that break down the barriers to financial inclusion, while helping our partners accelerate growth in their businesses. By starting this journey with eMAG, we aim to make payments even more convenient for Romanian shoppers, and to continue to transform the e-commerce offering in the country.”
By providing Romanian online shoppers with greater access to funding and autonomy on how they pay, the new credit payment solution offered by PayU not only makes the process more convenient for them but also enhances their purchasing power.
Martyna Szczepaniak, PayU’s Head of Consumer Credit, EMEA added: “We believe that the PayU credit offering will transform the lives of the Romanian shopper. The greater accessibility to funds will provide many with the convenience of knowing that they can purchase what they want, when they want it. eMAG was the partner of choice for the pilot phase due to its skills in technology, its openness to testing and its desire to offer new services to its customers. It is a trusted platform that has years of experience in the Romanian retail space, and we look forward to seeing PayU credit products helping supercharge growth even further.”
Tudor Manea, CEO of eMAG said: “We have all experienced at some point times when we needed something badly, but we were short on money, and I am sure we remember how frustrating this may be. With PayU credit offering the wait is over as customers are now able to buy whatever they want and whenever they want and repay the instalment in a transparent and convenient manner.”