NovaPay payment system is launching a beta version of a mobile application that will allow customers to open a payment account, issue a virtual card, and conduct financial transactions with it.
“Customers will receive a 20% discount, which can be used to pay for shipments, parcel receipt, and cash on delivery. At the same time, all the usual money transactions and quick registration are available in the app,” the company explained in a press release on Wednesday.
According to NovaPay, account opening, maintenance, payments, transfers, and cash withdrawals up to UAH 100 thousand are now free of charge, while only domestic payments and transfers are available.
“…it is not yet possible to pay abroad with a NovaPay card, pay for goods on foreign websites, or pay for services of companies not registered in Ukraine,” the release says.
It is noted that the application allows you to make transfers to cards and accounts using the details, issue parcels on credit (through the subsidiary NovaPay Credit LLC – IF-U), pay for utilities, replenish your mobile account, receive cash on delivery for parcels on the card, and send a transfer from the card to a Nova Poshta branch.
According to the release, in order to use the NovaPay app, customers need to register with Diia, and soon it will be possible to do so at Nova Poshta (NP) outlets.
In addition, through the app, you can order a plastic payment card from MasterCard and receive it at the nearest branch or post office with free delivery.
“This became possible thanks to an extended license from the NBU; currently, NovaPay is the only Ukrainian fintech company to have received it. The limited beta version is already available for download on Google Play,” the press service summarized.
Founded in 2001, NovaPay is an international financial service that is part of the Nova Poshta group of companies and provides online and offline financial services in more than 3,500 NP branches. According to its website, the company employs about 13 thousand people in 24 branches across Ukraine.
According to the NBU, the company accounts for 35% of total domestic money transfers and is the leader in domestic money transfers, but the share of transfers made through it has decreased from 45% in May-December 2022.
NovaPay, a financial company from Nova Posta Group, has entered the Moldovan market and became the first financial service in that country to introduce the cash-on-delivery feature, the company’s press office said Friday.
“NovaPay is the first domestic fintech company to begin its global expansion, and Moldova was the first international development market for us,” said company CEO Andrei Krivoshapko.
According to him, NovaPay will provide Moldovan enterprises and private clients with financial services, which have not been available on the market before, and will also accompany Novaya Posta’s logistics operations.
Krivoshapko added that after receiving the extended license, the next stage will be opening accounts and issuing cards to them, credit products, including “Parcel to Credit”.
It is worth mentioning that citizens of Moldova may receive the cash on delivery service without commission at 19 branches of Nova Poshta in Chisinau, Comrat, Balti, Cahul, Edinet and in other localities – via courier.
The company said that among next plans of NovaPay in Moldova are domestic and international transfers, acquiring and instant domestic and cross-border transfers for business and factoring.
A day earlier, in an interview with Forbes Ukraine, NovaPay announced plans to open offices in every country where Nova Post’s parent company will be located. Priority markets are Poland, Germany, Czech Republic, Slovakia and Bulgaria, where there are more Ukrainians. It was pointed out that for the expansion so far EUR2 million of own investments are foreseen.
“We want to financially “connect” 10 million internally displaced Ukrainians with their families. By launching the application, we plan to attract 30-40% of “Nova Posta” customers to use it,” Krivoshapko told “Forbes Ukraine”.
According to him, in July NovaPay plans to present a beta version of the mobile application, which is currently 70% ready, and its full-scale launch is scheduled for September.
As it was reported, the National Bank of Ukraine has recognized NovaPay as an important payment system with a market share of 45% at the end of 2022.
Earlier NovaPay applied for an Electronic Money institution license in Europe.
NovaPay is a part of Nova Posta Group and provides it with online and offline payment services.
According to the website of the National Bank, in 2022, NovaPay increased revenues by 32.5% to 5 billion 188.92 million UAH and net profit by 46.1% to 2 billion 360.62 million UAH.
The NovaPay payment system from Nova Posta group will start a public offering of its debut issue of three-year bonds worth UAH 100mn on April 14.
According to the prospectus, the bonds are issued with one coupon to be paid simultaneously with maturity – from April 14 to April 20, 2026, with nominal yield of 20% per annum.
NovaPay will independently place the bonds on the PFTS stock exchange; the planned sale price is at par, but it can be revised upwards depending on demand.
The issuer does not offer a mandatory offer, but allows early redemption by agreement of the parties at an agreed upon cost between them.
