E-commerce payment provider Ukash enters Romanian market through partnership with PayPoint

Retail payment services network PayPoint Romania has recently signed an agreement with the e-commerce payment provider Ukash, enabling customers around the country to use cash in order to make online payments. Ukash works by exchanging notes and coins for a voucher containing a unique code which is entered on a website when making a purchase. Following this partnership, Romanian consumers will be able to purchase Ukash vouchers from a total of 7,000 PayPoint terminals in neighborhood stores across Romania. The value of online transactions in Romania increased by 24 percent in 2011, to over EUR 158 million, showing a significant growth within the market. However, Romanians remain reluctant to use credit or debit cards when transacting online, with an estimated 75 percent of online payments being completed using alternatives to card payments. Ukash is regulated by the UK’s FSA (Financial Services Authority) and enables consumers to use cash online without having to reveal personal financial information. In order to make a payment at one of the online merchants worldwide that accept Ukash as a payment method, users have to enter the unique 19 digit code that comes with each Ukash receipt. In Romania, PayPoint officially launched its bill payment service under the PayPoint brand in August 2008 and expanded its client portfolio by signing partnerships with a range of companies in service sectors, including utilities, financial - insurance, cable TV and mobile telecom. The branded retail network numbers over 7,000 terminals located in local shops. Worldwide, PayPoint makes over GBP 12 billion from 659 million transactions annually for more than 6,000 clients and merchants. The company currently has operations in the UK, Ireland, Romania, France, USA and Canada. Irina Popescu, irina.popescu@romania-insider.com