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Modernization of payment systems, added value to the economy

Modernization of payment systems, added value to the economy

The market of small value systems is increasingly faced with technological developments. Developments like real-time payments, digital portfolios or mobile payments are becoming a daily reality. These developments require regulatory and infrastructural interventions to make the right contribution to the country’s economy.

These issues were discussed today at the conference “Modernization of small value payment systems” that was held in Tirana with the participation of representatives from the central bank of the region, the World Bank, the Albanian Association of Banks, the Ministry of Finance and Economy and representatives from the business community.

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Governor of the Bank of Albania, Ghana Sejko, in his speech on the occasion said that today the online payment market is recognizing a new trend of development, dictated by the advancement of technology and information.

“At a time when the market is increasingly accepting electronic payments, financial institutions are strongly promoting the cards and mobile payments are becoming a reality in the country, we can say that the right conditions exist to have a meaningful discussion of how to walk fast and how to increase the number of electronic payments in Albania, “Sejko said.

Albania, he continued, is making progress in this direction to switch from cash payment to electronic payments. There are a variety of electronic payment instruments, among which the most important are: Card based payments (eg debit / credit card / prepaid card) Payments via telephone (eg payments made through mobile phones) Internet payments (eg with E-banking payments). etc. But these services need to be further enhanced, as the right means of business development and the country’s economy, Governor Sejko said.

While Deputy Prime Minister Senida Mesi said that this BoA initiative comes in line with the government’s policies for increasing online administration services to the public, as a model that reduces bureaucracy and facilitates the provision of services to citizens.

Currently, she said, through the e-Albania platform, over 800 online services, property, health, taxation etc. are offered, but the further expansion of services by the bank sector is also an added value for the country’s economy, said Mesi .

News Source : ATA

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