Romania’s eMAG marketplace launches online financing

Romania’s eMAG marketplace launches online financing
By bne IntelliNews January 8, 2021

Romania's biggest online retailer, eMAG, is offering a full online financing option to customers active on its marketplace in partnership with Idea::Bank and two IT solution providers FintechOS and Bitnovel.

The online service is based on a new identification process and an evaluation model that takes into account the clients' order history on eMAG and their payment history at the Credit Bureau.

Customers must send a picture of their ID card along with a selfie. After the bank reviews the applications, clients can sign the contract online as well.

eMAG says the credit application can be reviewed and approved in just ten minutes.

"We are constantly updating and improving the payment and financing services available on eMAG to offer our customers an increasingly better shopping experience. Now, with just a smartphone, our customers can get a loan approval in up to ten minutes through a simple and intuitive flow, in which online funding is reduced to filling in a single field," said Mircea Balica, eMAG financial services manager.

"The solution is unique and innovative on the Romanian banking market because the credit granting criteria are adapted to the client's history on the eMAG platform. In other words, the more frequently and more recently the customer placed orders on the marketplace, the higher the chances of having the loan approved. We are confident in the future of online lending, and we are honoured to launch this partnership," added Alin Daniel Fodoroiu, executive vice president of Idea::Bank.