Mogo Romania, the fintech that finances the purchase of used vehicles, takes an important step in the strategy of expanding partnerships and payment channels for customers. The company concludes a partnership with the payment integrator PayU to streamline credit payment processes through the recurring, instant payment option, made 100% online.
The partnership came in response to the needs of Mogo Romania customers for access to an efficient process, through a greater diversity of payment methods. Through the PayU platform, customers can access the recurring payment option instantly, with a processing time of 3 seconds. To date, approximately 800 Mogo customers have chosen to enroll their debit card on the PayU platform and activate this solution.
Consumer willingness to use online payment methods increased significantly last year by comparison with 2019, and the upward trend continues. The data also show that in 2022 card payments tripled compared to 2019, in the European Union, 26% of which were processed through independent online payment solutions. In terms of recurring payments, most people choose to use online payments especially for paying bank installments, with 93% of payments being made by bank transfer, direct debit or card, according to a market suvey by the European Central Bank.
„The efficiency of internal processes is our priority, and the partnership with PayU is an important step in our strategy. The fact that 800 customers voluntarily enrolled their debit card in the platform and activated the recurring payment solution motivates us to develop and integrate other new and innovative solutions to facilitate the digitalization of financial services in Romania”, stated Daniela Dragnea, Deputy General Manager Mogo Romania.
Currently, Mogo Romania offers its clients the possibility to pay by bank transfer, electronic transfer or directly through the company’s website. At the same time, PayU covers international payments, so the platform can also be used by customers outside Romania.
„Our mission is to provide merchants with the fastest and most efficient ways to make online payments, and we are happy to see Mogo among our customers. This partnership is as important for us, as we promote also the circular economy and the mobility of people, as well as the democratization of access to online financial services. We witnessed an increase in the use of online payment methods and the services we offer have helped to build trust in such methods over time, facilitating an easy experience for consumers”, states Elena Gheorghe, Country Manager PayU Romania.