The partnership will serve all existing online retailers and brands using the PayU payment system, allowing them to offer Twisto’s deferred payment solution to their customers.

Twisto’s innovative solution will be integrated through the PayU API as part of the ‘PayU Pay Later’ platform. Online shoppers will now have the choice to postpone payments at no extra cost for up to 45 days (up to 21 days without registration, i.e. without creating a Twisto account).

Martyna Szczepaniak, Head of Consumer Credit at PayU commented, “Implementing Twisto into PayU’s payment offering is a great step forward in our mission to offer greater choice to our end users. The partnership continues our strategy to develop a portfolio of consumer finance products offered in cooperation with both our banking partners and the best fintechs in the market. This offering is an excellent addition for the millions of shoppers who pay through PayU each month. Together with Twisto we are working on making deferred payments available to our partner merchants in the coming weeks.”

The availability of deferred payments made possible by Twisto in the Polish PayU payment gateway is an extension of the current cooperation of both companies. Since February 2020, PayU has offered Twisto as one of the payment methods for online stores across the Czech Republic.

“The next stage of our partnership with PayU is critical in cementing Twisto as the leading deferred payments provider across Poland and the CE region. We are proud to offer the most inclusive solution available for stores here in Poland, while also helping them develop their presence as international merchants. We are significantly expanding our base of partner stores to become number one in terms of the number of merchant served on our market,” added Adam Miziołek, Twisto country manager.

“Establishing this partnership with PayU is also good news for the merchants who will gain access to a simple tool enabling them to grow the average spend of customers. As consumers are able to spread the cost of more expensive items, interest-free, over longer periods, basket-abandonment will decrease” continued Adam Miziołek, Twisto country manager.

Benefits for online shoppers
The "Gemius 2020" survey revealed that 43 percent of respondents refrain from buying online because they don't have physical contact with the product and therefore the opportunity to see it before paying. In turn, a common reason for shopping cart abandonment is the lack of funds available at a given moment. Deferred payments eliminate these problems. From the customer's perspective, an important feature of the solution offered by Twisto is the flexible and simple way of managing the repayment date. Shoppers have the option to postpone payment for 21 days free of charge without registering, as well as easily extend the repayment period after registration (up to 45 days) or, spread the purchase into instalments.

“Buyers that need more time to pay for purchases are able to register an account through Twisto’s mobile application, and therefore able to postpone payments for the following month for free, or (if the transaction amount exceeds PLN 200) spread the purchase into 12 even instalments, all through the customer friendly mobile app,” concluded Adam Miziołek.

Benefits for merchants
Providing deferred payment options offers a number of benefits to merchants, including the increase in shopping cart value. Twisto data shows that customers choosing the "buy now, pay later" option complete orders worth 20 percent more than with traditional payment methods.

The ability to postpone payment also increases the conversion rate by an average of 12 percent (according to Twisto data), with undecided consumers more likely to make a purchase if they can check the product before they pay for it. A positive payment experience and simplified purchasing process also increases shopper loyalty, translating into more frequent orders. Despite the fact that the customer postpones the payment, the merchant receives the payment on the next business day, with Twisto paying 100 percent of the purchase value.

Currently, the possibility of deferred payment with Twisto is offered by around four thousand retailers in Poland and The Czech Republic. Thanks to the partnership with PayU the number of Twisto partner retailers in Poland will increase several dozen times.