Instant Payment Phone System for Faster and More Reliable Transactions

By , 09 Aug 2019, 17:04 PM Lifestyle
Instant Payment Phone System for Faster and More Reliable Transactions Copyrights: VISA UK Media

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09 August 2019 - The Central Bank of Montenegro is currently analyzing the optimal model of instant payment in Montenegro and possibilities of contactless payments in outlets using smartphones. The Central Bank is also considering payment initiation using a mobile app.

Instant payments are, by definition, electronic retail payment solutions available 24/7 during all 365 days a year.

“Instant payments result in the immediate clearing of the transaction and crediting of the payee’s account with confirmation to the payer within seconds of payment initiation,” said the representatives of Central Bank of Montenegro, as Cafe del Montenegro reported.

The instant payment system was designed to provide payment services in a faster and more reliable way.

“With national instant payment systems implemented worldwide, and with many others which are currently under development, instant payments are slowly but surely becoming a new standard of payment transactions. Except for the basic functionality used by banks, potential payment services available to end-users are the subject of analysis: non-contact payments using the mobile app or sending requests for payment,” pointed out the representatives of the Central Bank of Montenegro.

Based on previous experience the instant payment system will widen the access to banking service, stimulate economic growth, offer alternatives to card payment schemes, and reduce the use of cash. Representatives of the Central Bank of Montenegro also said that schemes based on instant payment would open markets for new participants and stimulate competition in launching new and innovative products through services based on instant payments.

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

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