Central Bank of Montenegro to Introduce Instant Payments

By , 26 Jun 2019, 23:29 PM Lifestyle
Central Bank of Montenegro to Introduce Instant Payments Copyrights: Pixabay

Share this:

25 June 2019 - The Central Bank of Montenegro has already started preparations for introducing the instant payment system which would significantly increase non-cash transactions, as reported by CdM.

Instant payments can be carried out 24 hours, 365 days a year and transactions take only a couple of seconds. The system allows a customer to have money in the account immediately, you can send and receive electronic payments in euros anytime and anywhere. Instant payments can be made via mobile phone, giving you the same experience in terms of speed and convenience as with cash.

Instant payments enable the use of many innovative services, and the Central Bank of Montenegro claims that instant payments would significantly change cash to non-cash ratio.

The Central Bank of Montenegro recently stated that they prepared a working version of the draft law on interbank fees and special operating rules related to payment cards.

"This law regulated interbank fees charged to the payee during national payment transactions by payment cards in Montenegro. This will improve the functioning of the internal market and reduce costs for the payment transactions,” said the representatives of the Central Bank of Montenegro.

Currently, there are 301.597 payment card users: citizens, enterprises, entrepreneurs. The number of issued credit cards is higher by 136.024 or a total of 437.621, which means that somebody has one credit card, or more than one.

Fees, commissions, and terms of use of cards are different in all 13 banks. Credit cards of the clients of Atlas Bank are still on a moratorium; that is, they can not be used. IBM went bankrupt, so practically this bank doesn’t exist anymore. Commissions and fees are likely to be reduced, and that is the common feature of every bank. After the new legislation is adopted, we will see if that will happen.

Read more about lifestyle in Montenegro at TMN's dedicated page.

Photo galleries and videos