Romanian card market finds ace up its sleeve in crisis
18.05.12
In the midst of the financial turmoil, the Romanian card market has developed well this year and seems to be avoiding the worst of the impact. In addition, Romanians have started to use their cards more, not only in their dealings with traditional retailers but also on the internet. Many retailers have realized the benefits of e-commerce and set up a virtual version of their offline stores. “Despite the current economic crisis, the local card market has been very active in 2011, both in terms of issuing and acceptance and the value and volume of transactions,” says Cosmin Vladimirescu, country manager for Romania and the Republic of Moldova at MasterCard Europe.
He adds that financial institutions have launched new card programs that have focused mainly on technological innovation and offering some facilities such as an extended grace period, the possibility to pay in installments, online access, discounts to more retailers and complex insurance
Source: Business Review