The Lithuanian-born e-payment network Paysera is expanding to Spain, where the company Paysera España was established in the city of Valencia. Paysera, the payment processor of the majority of Baltic e-shops, is starting its business in Spain with local partners.
Financial services and a trademark developed in Lithuania are brought to Spain by the owners of the gold retailer Quick Gold – Spanish businessmen who are starting to provide Paysera services under a joint activity agreement. Quick Gold has a gold trade network stretching through more than 20 cities in Spain and consisting of almost 40 points of sale.
“We, as a fintech company, already have clients in Spain. However, the start of our physical business will enhance our position in one of the largest economies in Europe, where, just like in other countries, e-commerce and e-payments are rapidly growing. Thus, this is an excellent time for our start in Spain together with local partners who know the needs, habits, and culture of the local businesses and residents best,” said Kostas Noreika, the main shareholder of Paysera LT.
According to Rodrigo Fernández, the head of Paysera España, at first, Paysera España will provide digital financial services, and, once the pandemic is over, Quick Gold client service centres will also offer some of the live services of Paysera: collection of Paysera Visa cards, client registration, withdrawal of cash, and gold trading.
“We are glad to have been able to attract a reliable and profitable financial partner to Spain, who has been in the e-payment business for 17 years and knows well how to operate in a competitive environment, which is exactly what the Spanish market is. For Spanish businesses, and first of all e-shops, we will offer convenient and competitive processing of online payments. Moreover, we believe that local clients will be interested in the app for managing their personal and business finances, low rates for international transfers, and the self-service event ticketing system,” said Fernández.
The main activity of Paysera is the processing of payments in online shops. In 2020, over 12,000 e-shops collected payments for online purchases through the company’s system and buyers spent over EUR 580 million when shopping in them. The payment network also provides a current account and money transfer services as an alternative to banks almost globally: EUR 4,7 billion was transferred through the company’s system and app last year. Clients of the fintech company use contactless Paysera Visa payment cards that can be linked with smart devices and used for paying via Google Pay, Apple Pay, and Samsung Pay.
According to the data of the Bank of Lithuania, at the end of the third quarter of 2020, Paysera was the largest electronic money institution (EMI) in Lithuania, its home market, according to the number of payment transactions.
In other countries, the Paysera network expands according to the principle of joint activity together with local partners. The expansion of the network is coordinated through the company Paysera LTD registered in the United Kingdom. Companies of the network also operate in Latvia, Estonia, Romania, Bulgaria, Kosovo, Albania, and Ukraine. Paysera is focusing on its expansion in the Balkans and is searching for partners in Turkey, South America, and other countries.