As Romanian consumers increasingly rely on the Internet for their shopping needs, the online payment market is heating up. In this environment, multiple vendors are competing to meet the rapidly growing consumer needs.
The e-commerce market is on course to reach EUR 350 million this year, including all methods of payment, but excluding payments for travel, insurance and utilities. One year later, in 2012, the market is predicted to reach EUR 500 million.
Currently the majority of online purchases are still made with cash, but online payment companies are trying to change that.
In e-commerce, over 80 percent of orders are placed with cash-on-delivery, there is great growth for potential in this area.
The market of online payments alone is estimated to reach EUR 170-180 million this year by industry pundits, while a year later, in 2012, the value will surpass EUR 200 million.
Companies in this field are in expansion mode, both in Romania and abroad, in line with the market. The PayU Group that ePayment, soon-to-be PayU Romania, is part of, is expanding its footprint in the region.
Similarly, the mobilPay CEO tells Business Review that the company wants to take its Sillicon Valley-awarded technology to other markets and is already planning the steps that it needs to take down the line. The company official did not specify the markets that are under consideration.