July the 21st, 2022- iNovine is set to become the very first Croatian national kiosk which will accept payments made in cryptocurrencies, a form of currency which is rapidly becoming more and more popular as time goes on.

As Poslovni Dnevnik writes, iNovine, one of the largest retail kiosks in the Republic of Croatia which operates as part of BAT, is introducing a new cryptocurrency payment service, thus becoming the first Croatian national kiosk to offer the possibility of making payments in cryptocurrencies at physical points of sale.

This project was realised in cooperation with the company Electrocoin, which made cryptocurrency payments in chains like Konzum a reality, so from now on it is possible to pay quickly and securely with cryptocurrencies via the PayCek platform at all points of sale, and there are more than 250 of them throughout the country.

"Digitalisation and the introduction of innovations are key to the long-term improvement and sustainability of business, which is in line with the ESG strategy adopted at the level of the entire BAT Group. In the same way, we at iNovine are continuously listenening to the demands from the market, and the implementation of the system for processing crypto payments enables us to adapt our business to new generations of customers who are using cash less and less frequently when paying for things. It's a trend that mostly came to life during the global coronavirus pandemic when contactless shopping was suggested to people," emphasised Jurica Juric, the director of iNovine.

Payment with cryptocurrencies is realised through Electrocoin's PayCek platform, and it is possible to pay with fourteen different cryptocurrencies – bitcoin, ether, bitcoin cash, USDT, USDC, XRP, solana, litecoin, dai, stellar, dogecoin, eos, BUSD and near.

"If a person, for example, buys products worth 100 kuna and wants to pay in cryptocurrencies, the moment we inform iNovine via PayCek that the payment has been processed, iNovine receives its 100 kuna, while we at Electrocoin fully process the cryptocurrency transaction. The PayCek platform for accepting payments with cryptocurrencies guarantees security to every company that wants to provide its clients with this option," emphasised the director of Electrocin, Nikola Skoric.

Electrocoin is an innovative Croatian fintech company that provides crypto exchange services and receives cryptocurrencies as a payment method through their own PayCek platform. Although cryptocurrencies are often seen as an investment, Electrocoin has been developing large projects in Croatia for several years that enable the use of cryptocurrencies for everyday purchases. As such, companies attract new generations of users and improve their business all while keeping up with the latest trends.

For more, make sure to check out our dedicated business section.

January the 31st, 2022 - Cryptocurrencies in Croatia are gaining in popularity, with many locations now offering the ability for people to use them for payments, including the giant Konzum. Here's where people mostly make payments in cryptocurrencies in Croatia at the moment.

As Poslovni Dnevnik/Lucija Spiljak writes, investing in cryptocurrencies in Croatia still boasts a trend which is significantly stronger than the mere use of cryptocurrencies for payments boasts, which is something that is still very much in its infancy in this country.

"Paying with cryptocurrencies in Croatia is something that is just beginning. Personally, I use this method of payment on a daily basis, from buying food and drink, to fuel, concert tickets to appliances and even cars,'' said Nikola Skoric, the head of Electrocoin, a company that mediates in cryptocurrency trading and processes crypto payments in Croatia.

He then presented the case of the largest cooperation in the Croatian cryptocurrency market, the one between Electrocoin and Konzum, which enabled Konzum customers (when shopping on their website) to pay for their goods in cryptocurrencies through Electrocoin's PayCek, Croatia's first cryptocurrency payment processor. While that's all well and good, what exactly is the level of interest of the ''average Joe'' in this payment possibility?

Uros Kalinic, a member of Konzum's Management Board for Finance and IT, agrees that this method of payment is still in its infancy, but he also revealed that Konzum records payments in cryptocurrencies in its online store almost every single day.

“Individuals and legal entities, owners of cryptocurrencies in Croatia, can buy and pay for their groceries, hygiene and household supplies and other products from Konzum's online store which has more than 12,000 items for sale. We expect an increase in people's general level of interest, as was the case with card payments and other innovations, such as the use of self-service check outs, cashless check outs and the use of Google and Apple Pay applications (apps).

Payment in cryptocurrencies in Croatia is currently possible on Konzum's online store, and we'll soon introduce this option in other stores throughout Croatia. At Konzum, we're constantly trying to offer our customers new opportunities and technologies,'' said Kalinic.

They realised the project in just a few months, and the experience of buying items on their online store, as well as paying with cryptocurrencies, is simple and similar to card payments. “When completing the product selection, the customer can choose the cryptocurrency payment option and the system will offer him a list of those available. After selecting the desired cryptocurrency to pay with, the amount in its equivalent is displayed and a QR code and payment address are generated, after which the customer simply scans the QR code. With the confirmation of the transaction, they will make the payment and confirm the transaction from the PayCek system of our partner Electrocoin by e-mail, while Konzum will send the customer an invoice for the paid service or product,'' explained Kalinic.

All receipts issued by Konzum are fiscalised in accordance with the normal regulations, including those paid in cryptocurrencies. Kalinic noted that Konzum has no direct contact with cryptocurrencies at any time, and that when it comes to volatility that is specific to cryptocurrencies, customers have no risk because Electrocoin is the one which has taken the risk.

Customers have a fixed exchange rate of 15 minutes, which is the warranty period for making a payment on Konzum's online store. "The whole process of buying and paying with cryptocurrencies, in addition to being secure, is very simple for the buyer, which was one of the preconditions for embarking on such a revolutionary venture," said Uros Kalinic.

Before Konzum, Tifon embarked on this venture, introducing the possibility of paying with cryptocurrencies in Croatia at its fuel stations as of February the 2nd last year. From Tifon, they stated that since then, the number of transactions on a monthly basis has been constantly increasing. Significant growth was noticed during the summer months with the arrival of foreign tourists, but this, they say, was expected because cryptocurrencies are a more popular means of payment abroad.

"However, we must point out that through the reports we can see that cryptocurrencies are increasingly being used by customers who live in Croatia, which is a good result considering that the number of customers who use cryptocurrencies is still relatively low here on the Croatian market. In addition to that, it is a very interesting fact that cryptocurrencies were mostly used at locations on the motorway heading down to the Croatian coast, but in both directions, then in Zagreb and even at all points of sale in Slavonia, which pleasantly surprised us,'' they added from Tifon.

The process of introducing cryptocurrency payment options was simple and took only two months. Firstly, they defined the entire process within the company, which includes cash payments, fiscalisation and invoicing, data transfer to their reporting system, tracking the payments from the PayCek platform and final postings in ERP. The second step involved the development, ie the integration of PayCek into the internal retail system using the API interface developed by Electrocoin. The third step involved detailed testing in which the detected deficiencies were readily corrected. For the fourth step, they created profiles on the PayCek platform and connected them to the cash registers. The final, fifth step was to put the service into production.

"Transactions are fiscalised in the same way as all other transactions are, with the remark that when sending data to the fiscal system of the Tax Administration, only the type of payment should be referred to as ''Other/Ostalo''.

Tifon doesn't accept cryptocurrencies itself, the PayCek platform does it for us, which converts the cryptocurrency into Croatian kuna when the customer pays the bill, and Tifon immediately receives kuna for its products/services. Following the above, it's logical that such transactions are marked as ''Other'' under the type of payment, which is also mentioned on the receipt that we issue to the customer following payment," they explained from Tifon.

The City of Sveta Nedelja threw itself into the use of cryptocurrencies in Croatia and quickly embarked on this endeavor. They were among the first in the world to introduce the possibility of paying utility fees in cryptocurrencies, obviously realising that this was a trend that would become very popular with time.

“The reason for that is the focus on modern technologies, as well as monitoring market demands. We're primarily refering a large number of successful companies operating in the area of ​​our city, such as Rimac Automobili, Greyp Bikes, Medical Intertrade, Sancta Domenica and many others. In addition to that, the goal is to create opportunities for further development of the IT industry across Croatia and also to attract companies to keep up with the times in which the world of cryptocurrency and blockchain technology is undoubtedly one of the drivers of development. At this moment in time, Sveta Nedelja is carrying out several payments using this method, which is understandable considering that cryptocurrencies are viewed through the prism of investment opportunities.

The transaction starts on the website of the City of Sveta Nedelja where all personal data is filled in, then the payment section is selected, and then the user connects to the PayCek payment system where the user has the option to choose one of several cryptocurrencies (such as BTC, ETH, XLM, BCH , XRP, DAI, EOS, USDT, USDC, BUSD, SOL).

After choosing a cryptocurrency, we connect to our own so-called wallet (for example Exodus), select the cryptocurrency sending option and enter the wallet address received in the PayCek payment system. The City of Sveta Nedelja then receives the payment in kuna, considering that the conversion was made through the above-mentioned system,'' they explained from Sveta Nedelja's administration.

Although paying in cryptocurrencies in Croatia is still in its infancy, perhaps, as Skoric said, this is just the beginning of something new.

For more, check out our lifestyle section.

December the 2nd, 2021 - Electrocoin and Konzum are the main players in the currently largest cooperation in the domestic cryptocurrency market - after implementing the service for several months and then testing it out for a couple of weeks, Konzum cryptocurrency shopping/payment is now permitted.

As Poslovni Dnevnik/Lucija Spiljak writes, in the near future, services will be available in Konzum stores; for a start in 60 of them where they have self-serving cash registers, and soon after in all 630 small, medium and large stores throughout the Republic of Croatia.

Noticing the growing interest in the use of cryptocurrencies in the world, including right here in Croatia, the largest domestic retail chain, Konzum, decided to turn more strongly to the younger population that has more or less totally embraced the cryptoworld, all in cooperation with Electrocoin, one of the fastest growing Croatian cryptocurrency brokerage companies.

"This is definitely a step into something new for Konzum and for the retail market in Croatia. We're offering our customers some new opportunities and technologies. Konzum has proven its leading position in the market so many times when it comes to technological innovations, and we are, as with the introduction of Google Pay and Apple Pay, happy to have a new opportunity to improve the shopping experience in line with the latest trends. These investments are in line with the process of digital transformation of the Fortenova Group, including Konzum as its largest member,'' stated Uros Kalinic, a member of the Management Board of Konzum who is in charge of finance and informatics.

The collaboration to make Konzum cryptocurrency payment possible began one year ago when Electrocoin experts brought Konzum's team closer to the crypto market here in Croatia and showcased the affinity of domestic consumers for it.

"As this isn't the first time that we've introduced new opportunities, our team is already in tune with it. The field of informatics, led by director Jozo Dzakul and director of the business applications sector Ines Barbir, is always up to the task, so this time too there were no surprises during the project. We applied an agile methodology for the project, it lasted a couple of months, several Konzum systems were included in the project, and Konzum Informatics, mStart, the team from Eletrocoin and other partners were all included. The testing itself lasted a couple of weeks and several teams participated in it, a total of about 20 people,'' said Kalinic.

In this pre-Christmas period, the weight of what's in the average shopping trolley increases, so this period is a great opportunity for customers to try out this method of payment. Kalinic pointed that out that he is happy that they can conclude a challenging year with such an innovation.

"Just like back in 2002 when we recognised the value of the market for buying groceries over the Internet, now we're looking forward yet again and recognising the trends that are yet to come. Payment with cryptocurrencies is certainly still in its infancy here in Croatia, but the experience of our partner Electrocoin justifies this investment. Just as our customers use banking applications for electronic payments, we believe that this service will get its share as far as transactions go as well. From year to year we see a decrease in the share of cash transactions, which is logical in the age of digitalisation and coronavirus, when cash payments have been discouraged for epidemiological reasons.

This is a new option for some of our customers who are more technologically advanced, but also own cryptocurrencies. When we talk about the industry, I expect that some other chains will follow us in this step forward and that they'll also recognise the potential in this new market segment. During the test period, we tried to anticipate possible obstacles that might await us. Of course, we're ready for surprises and quick reaction in case of the need for some adjustments or corrections in the system,'' added Kalinic.

Thanks, among other things, to Electrocoin, the Republuc of Croatia is growing in parallel with the rest of the world in the fast-growing cryptocurrency market. In February this year, they launched a kind of revolution in Croatia by announcing cooperation with Tifon, at whose fuel stations throughout Croatia people can pay for fuel in cryptocurrencies.

This cooperation made them accessible throughout Croatia, but also helped their visibility, which gave Electrocoin additional impetus, given that many new customers contacted them after the news of their cooperation with Tifon.

“Traffic is growing; last month, with 8.8 million kuna, we almost reached the ''mythical'' 10 million kuna mark, which two years ago looked like a figure from the imagination, but this cooperation helped us attract both traders and buyers,'' pointed out the head of Electrocoin, Nikola Skoric, who, back in February, announced several projects with some big players. He believes that their cooperation with Konzum and the ability to make Konzum cryptocurrency purchases will further increase the company's turnover and enable them greater visibility, but this time - at the European level.

For more, check our dedicated lifestyle section.

As Poslovni Dnevnik/Lucija Spiljak writes on the 22nd of November, 2020, the Croatian IT sector is continuing to achieve great levels of success and recognition, which has been confirmed by the 21st edition of Deloitte's list of the 50 fastest growing technology companies in Central Europe, in which, in addition to companies from 18 countries, Croatia also participated.

Electrocoin, whose main activity is intermediation in cryptocurrency trading and processing, took 6th place in the category of the 50 fastest growing companies in Central Europe with impressive growth of 2617%. Nikola Skoric, a nuclear engineer, founded the company back in 2014, one year after Croatia's EU accession, and was soon joined by Marin Marzic, a computer security expert. It all started as a mere hobby, but Skoric and Marzic ended up creating the fastest growing Croatian fintech startup, little did they know at the time.

"It turned out that we were able to innovate and make a profit, grow at warp speed, push crypto into the mainstream and start a revolution in the payment industry," said Skoric. Electrocoin's bitcoin-mjenjacnica.hr is the first and most popular online exchange office in all of Croatia. In cooperation with Croatian Post (Hrvatska posta), the Crypto Centre was opened last year, which enables the sale of cryptocurrencies across 50 Croatian post offices, and in May, Sveta Nedelja was among the first cities to start the process of accepting cryptocurrencies, pushing the growing Croatian IT sector even further forward.

In 36th place on the list comes the consumer platform for online shopping, Bazzar.hr. with excellent growth of 695%. It is the Croatian counterpart of Amazon, founded by brother and sister Viktor and Tana Zimmermann.

"The biggest challenge was to change the perception of people in Croatia when it comes to online shopping, as well as to position themselves out there on the e-commerce market. Despite everything, we've been recording 100% growth from year to year since the very beginning. We're proud that Deloitte has included us on this prestigious list for the second time, which is another confirmation of the decency of our business model,'' the owner stated. This year, they've recorded more than 250,000 users, while next year they will focus on growth right here on the Croatian market, with investments going to innovation and service improvement, a wider offer, better prices and a better overall user experience. "We're also planning strong expansion into the regional market," Zimmermann announced.

In 39th place is Agrivi, which grew by 640%. The company is credited with developing one of the most successful agricultural production management platforms in the whole world. With impressive growth of 549%, 44th place was taken by Include from Solin, which is engaged in the development and production of urban street equipment for smart cities and the production of solar benches. Zagreb's Eco Mobile, which specialises in ICT solutions to support waste management processes took 47th place with brilliant growth of 530%.

The rising Croatian IT sector stars of... Krizevci!

In the Rising Stars category, Speck placed third with amazing growth of 1076%. In a mere two years, this Krizevci-based IT agency has acquired clients for whom they work on web and mobile development and design services.

"After three years of working in a team consisting of more than 40 experts and creating solutions for global clients with a massive influence at Fintech, EdTech and MarTech, I'm proud to say that the teamwork is truly a dream," said director Tomislav Tenodi.

In the special category Stars of Positive Influence, which was launched only this year, three Croatian companies were presented - Rimac Automobili, Infinum and Infobip. Josip Biscan, managing partner at Infinum, says that when Infinum was founded, there weren't many who knew how to programme for mobile devices and the "boom" of the Apple Store hadn't yet happened. Then, they started hiring smart people who didn't yet have any experience, but did have a true desire to learn, and Matej Spoler, the co-founder of Infinum alongside Tomislav Car, taught them to programme for the now wildly popular iPhone - today's iOS platform.

''We've continued to employ those who love technology, want to learn and share their knowledge. We have maintained this practice to this day and that's why Infinum is continuously growing. The average annual growth over the last five years has been around 40% per year and the goal is to continue to grow sustainably, not fast or exponentially,'' says Biscan. Together with their colleagues from no less than the gigantic Porsche, they want to employ about 100 experts in the development of digital solutions for Porsche and beyond at Porsche Digital Croatia located here in Zagreb.

"The Croatian IT sector is a strong community with a lot of potential, to which the general public may only now be beginning to pay any real attention,'' he concluded.

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