eCommerce business is growing worldwide, supported by a wide range of online payment methods and changes in the behavior demonstrated by the customers, who want to buy from the comfort of their homes. A similar trend is noticeable in Serbia, and recent events and health risks have only accelerated the growth of online shopping.
Based on the data of the National Bank of Serbia (NBS), eCommerce has recorded a significant growth in recent years. During 2020, the online turnover amounted to over 32 billion RSD, which was 80% more than in 2019.
This may sound unbelievable, but, given the pandemic situation the world has been in since March 2019, it seems like a natural sequence of things.
Although globally there is almost no other industry developing and transforming itself so quickly as the payment industry, special circumstances were nevertheless needed in Serbia for a number of online transactions to rapidly start growing.
The crisis is an opportunity for the "little ones"
If business is working as usual, it is only natural for entrepreneurs to delay the introduction of innovations as much as possible, having neither the means nor the time to think a lot of steps ahead. For this reason, many were caught unprepared by this situation. In an effort to overcome the new crisis, retailers in Serbia have realized the benefits and simplicity of having eCommerce solutions and stepped into the world of online commerce decisively and with a lot of confidence.
Naturally, eCommerce is not a novelty to large retail chains, but it is interesting to see an increase in the number of small retailers and the service users who have recognized the necessity and advantages of eCommerce, namely its security, simplicity, efficiency, speed and convenience.
As the confirmation of the above mentioned, the National Bank of Serbia recorded an increase in the number of payment transactions for the purchase of goods and services on the Internet by over 60% during 2020 compared to 2019.
Currently, most of online transactions are done by payment cards. The use of payment cards grows across all channel and suppresses the use of cash, and even more so in the domain of eCommerce, where payment card transactions dominate over the other forms of payment. Of course, the decision of the NBS to hand out a DINA payment card with every account opened in a bank in Serbia has also contributed to this trend.
Technological advancement brings an easy acceptance of online payments for small and large merchants alike
As a payment institution whose business is registered with and regulated by the NBS, Chip Card has been enabling Online business for many years now, namely the acceptance of payment cards on the web shops of various merchants of services and goods in Serbia. Chip Card provides eCommerce services to merchants from all walks of life: culture, sports, tourism and health, and so on, from small businesses to large retail chains.
During 2020 compared to 2019, an increase was recorded in the number of the merchants in the Chip Card system (by 54%), the number of the transactions (by 180%), and the turnover (by over 80%).
Keeping up with the latest trends, Chip Card’s internal development and its cooperation with partners allow merchants to offer their customers online card payment in a modern and simple way.
Do I need to have an online store to accept cards online?
Given the ever-increasing sales growth through social networks, Chip Card has developed a new service called PayByLink, which allows the seller to generate a payment link and send that link to the customer's email. Using this technology, the merchant generates a legal and secure form of online payment without additional investment in its IT infrastructure.
Recognizing user experience as the main competitive advantage in the eCommerce world, Chip Card launched one more important functionality for merchants who already have a webshop – Client-Side Encryption. Thanks to this feature, the whole checkout process takes place within the webshop itself, offering the end customer an extra sense of security when shopping, making the process be faster and easier.
Chip Card services are also enriched with the so-called must-have functionalities: Card on File and Recurring Payment Functionality.
In order to continue to proactively offer innovative solutions to its customers, Chip Card plans to launch its own eMoney application in 2021, which will be competitive to the most modern and leading applications in the world of this kind.
No matter whether you are only just starting your internet business or you are but looking for more online payment options, contact us with confidence so that together we can find the best payment solution for your business.
- Use a comprehensive card acquisition solution throughout MSU application
- Provision of secure Hosted Payment Page (HPP)
- Prihvat platnih kartica iz sistema VISA, MasterCard, Maestro i American Express
- Technical integration manual
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- PayByLink - acceptance of payment cards without a web shop