Don’t miss any news, blogs or press updates. Subscribe to our blog.

Don’t miss any news, blogs or press updates. Subscribe to our blog.

How Is PayPugs Able To Support The Eastern European Market?

Blog post by Emils Kragis, Business Development Officer at PayPugs.

With a growing demand for digital banking services globally, the acceleration of digital transformation and banking automation has become more evident. 

The rise of Fintech has allowed customers to ditch physical interaction with a bank and move to using online banking on their laptops and mobile phones. 

Today’s connectivity of the banking industry is allowing businesses to access safe and efficient banking opportunities worldwide.

Why is the Eastern European Market Different?

While many European countries like Germany, France and the Netherlands are leading the way of digital banking and its adoption in different sectors,  some countries in eastern Europe are only in the early stages of digital transformation. 

Still bearing scars from the Soviet era and experiencing political and economical tensions often, the Eastern Europe market holds huge potential for digital banking. 

Many statistics have shown that the adaptation of the internet has been growing with many interested in acquiring Western trends. For a better perspective countries like Romania and Bulgaria have seen a 100% increase in usage and adaptation of debit cards in the last 6 years.

The overall usage of digital banking is relatively small, however, the steady growth rate of adaptation is showing great potential.

Ditching Brick and Mortar

Technological advancements are evolving our lives day by day. The same can be said about banking. 

Using Banking-as-a-service technology (Baas), customers are in no need of visiting physical branches as the same operations can be executed through online platforms. 

This end-to-end model allows for digital banks to connect and offer services that are cheaper, better, and faster than traditional banks.

Limitations, Restrictions, and Tensions

Due to different factors, eastern European countries have not been able to develop as greatly as the rest of Europe. With high inflation rates and political tensions with other countries, businesses are caught in the crossfire. 

While local brick and mortar banks can provide banking services to some parts of the population they are limited in their operations due to political and economical tensions and restrictions. Some countries try to avoid them completely because of potential risks. 

This causes uncertainty for many businesses and limits their growth possibilities.

High-Tech and High-Touch

With no physical branches, some may perceive digital banking as “too automated”. However, the core of digital banking should always stem from customer experience

At PayPugs we want our customers to experience as much human interaction as possible. With an approach of understanding each customer’s case and providing custom solutions, we strive for customer satisfaction, education, and relationship.

The aim of providing services is supplemented with support throughout the process as well as a personal account manager that you can connect with at any time and anywhere.

We hate the “One-Size Fits All” Approach

With the ability to network and develop strategic partnerships around the world, PayPugs can offer various tools to customers to meet their specific goals. 

The one-size-fits-all approach cannot work in an era of digital transformation and connectivity. We understand business issues — to grow in today’s world and to operate internationally. 

With a thorough understanding and experience of working with medium and high-risk businesses, PayPugs solutions are suitable for the developing and adopting countries of eastern Europe in pursuit of digital transformation and competition across the globe.

Where do PayPugs fit in?

With a multi-national team and deep understanding of the current banking system issues and trends, PayPugs aims to bank the underbanked. 

The broad network of partners allows PayPugs clients to access custom services and solutions like IBAN accounts, SWIFT and SEPA transfers, cards (Mastercard, VISA), FX exchange, and much more. 

As the Eastern Europe region is slowly adapting to the banking trends of the Western region, then it is important for any business to recognize what solutions and services are suitable for oneself. With the broad product offering that comes with digital banking, businesses look for the best to secure their financial operations internationally. With the “one-size fits all” model going out of trend, customers look for other values like trust, customer experience, and technological advancement as main decision factors for choosing where to handle their financial operations.

Join the collaboration platform designed with collaborators, freelancers, start-ups, organisers, project managers and business owners in mind.