“E-commerce is one of the fastest growing sectors and Romania is no exception, as the pandemic accelerated growth to a rate that would have normally taken a few years. For 2021 we forecast growth of at least 15% for the local e-commerce, e-tail (electronic retail) and services market, in line with the 14.3% growth estimated at global level,” said Elena Gheorghe, Country Manager PayU Romania.
She said the penetration of online card payments grew by 50%, reaching 36% of payments in 2020 with peaks of 50% reported by some sellers. PayU Romania expects 25% growth in online card payments in 2021 and sees the penetration rate at 39%.
Total payment volume processed by PayU nearly doubled in 2020 and the number of processed transactions grew 61%, to 72 transactions per minute. The payment processor said the average transaction value increased 22%, to EUR46 in 2020.
PayU is the fintech and online payments division of Prosus, a global consumer internet group and one of the largest technology investors in the world.