Estonian company to install cardless ATMs in Moldova

  • 2020-11-15
  • BNS/TBT Staff

TALLINN – Estonian financial technology company IuteCredit introduced cardless ATMs and will be the first to use them in Moldova -- no financial institution in Estonia offers such a service yet.

"To receive cash from an ATM, you need an ATM and you need cash. The rest is superfluous. IuteCredit's new, cardless ATMs have been developed in such a way that a plastic card is no longer needed. Money can be withdrawn with a one-time mobile code," Tarmo Sild, head of IuteCredit Europe, said.

Following Moldova, the company plans to expand its cardless ATM service to Albania, Macedonia and Bosnia and Herzegovina. According to Allar Niinepuu, co-founder and commercial director of IuteCredit, the company is expanding its loan disbursement capacity by creating a network of ATMs.

"We can offer our customers better and faster service. As intra-bank and interbank payments take time, customers typically used post offices, where they had to wait in queues, to receive money. Now, however, customers receive the money from the machine immediately after approving the loan agreement," Niinepuu said.

"In addition to the cardless ATM, we also came out with the MyIute app in Moldova, where customers can apply for a loan quickly, conveniently and contactlessly, and receive a loan application confirmation in just seconds. The whole process is secure and the loan amount offered by the system always corresponds to the financial profile and history of the loan applicant. Both the ATM network and the app allow us to offer new services and increase revenue," Niinepuu added.

Moldova is IuteCredit's largest market, offering a variety of both unsecured and secured installment services.

IuteCredit is an Estonian financial technology company operating in the international market. The company operates in Moldova, Albania, Northern Macedonia, Bulgaria and Bosnia and Herzegovina, offering mainly installment and small loans with a maturity of up to 36 months and car loans with a maturity of 60 months. IuteCredit's partners include national post offices, international telecom operators Orange, Vodafone, Deutsche Telekom and Mastercard. The headquarters of the parent company with 40 employees is located in Tallinn. IuteCredit's bonds are listed on the main list of the Frankfurt stock exchange.