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Electronic money attracts more and more Albanians, the value of transactions doubles

2024-03-14 10:37:46Biznes SHKRUAR NGA REDAKSIA VOX

Electronic money attracts more and more Albanians, the value of transactions

In addition to cash and bank cards, Albanians are increasingly "attracted" to electronic money in everyday life. But what are electronic transactions? These transactions are a form of payment similar to payment by bank card.

The difference lies in the fact that payments are not made through cards and POS as in the case of the banking sector, but through the infrastructure of licensed electronic money institutions.

The latest data from the Bank of Albania show that over 10.2 million transactions were carried out last year, at a record value of 91.6 billion ALL. The number of payments has registered a steady increase year after year. But, their value has been in an exponential growth, where only last year it doubled compared to 2022.

During the year 2023, 9 electronic money institutions were active in the Albanian financial market, from 7 such at the end of 2021. The increase in the number of these institutions also came as a result of the adoption of the law "On payment services". The addition of electronic money institutions has also brought a wider range of terminals that they make available to customers.

The use of electronic money brings convenience mainly to that part of the population that does not have a bank account. The advantages consist of increased flexibility for making payments, considering the wide scope of these institutions in the country, but also in a lower cost for payments, especially for fines, monthly utility bills, etc.


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