At Fintech Day, we spoke with Justas Cerniauskas, Program Manager for Payments at Vinted, to discuss the company’s innovative approach to the second-hand fashion marketplace. Justas oversees all payment-related initiatives at Vinted, including acquiring an electronic money institution license and launching payment services. He explained Vinted’s mission to make second-hand fashion the first choice by enhancing various aspects of the value chain, such as shipping and payments, to provide a seamless customer experience.
Vinted, a pan-European company, aims to expand its presence across Europe, leveraging its European license to facilitate this growth. Justas emphasized the importance of payments in the second-hand market, highlighting Vinted’s focus on cost efficiency and data-driven decisions. By taking full control of the payments value chain, Vinted aims to reduce transaction costs and improve the quality of service, acknowledging that payments are a critical component of the overall customer experience. Innovation in payments at Vinted is geared towards maintaining low costs and offering customers familiar, frictionless payment options.
A significant part of their strategy involves handling customer data responsibly, especially as they become a regulated business required to conduct KYC processes. Justas mentioned the importance of not over-collecting data and ensuring the customer verification process is as smooth as possible to avoid creating friction. Reflecting on Fintech Day in Vilnius, Justas praised the vibrant community and the networking opportunities the event provides, highlighting Lithuania’s strong position in the fintech ecosystem. He encouraged those unfamiliar with the Baltic region’s innovation and fintech developments to attend future editions of Fintech Day, noting the quiet but formidable strength of the Baltics in these areas.
