Although non-cash means of payment are becoming more and more popular, data shows that cash is still dominant.
“Number of transactions effected via pay cards increased by 23% in the first quarter of this year”, said the representatives of the Central Bank.
According to the data, number of payment transactions reached 4,1 million at the end of March.
Total payment transactions in January amounted to €865,5 million , €1,13 billion in February and €1,27 billion in March.
In addition, number and value of non-cash transactions, credit transfers, direct debts and other payment services are also increasing.
At the end of the first quarter of 2019, total payment transactions, credit transfers, direct debts and other payment services amounted to 6,8 million and their total value reached €6,25 billion.
A year earlier, that is, at the end of March 2018, total payment transactions amounted to 6,6 million and their total value reached €5,13 billion.
It is clear that number of non-cash payments, credit transfers, directs debts and other payment services increased by 22%.
However, despite the rise of non-cash payments, cash is still dominant.
“At the end of March this year, total cash payment transactions amounted to 1.48 million. Total value reached €875,53 million. At the end of the first quarter of 2018, there were 1.49 million transactions worth €796,64 million. This shows that number of cash payment transactions in the first quarter of 2019 has been reduced in by 0,67%”, said the representatives of the Central Bank.
They say that non-cash payments will be on the rise in the forthcoming period.
“Instant payment service in Montenegro will considerably contribute to the increase in non-cash means of payment”, explained the representatives of the Central bank.
How far are we from the region and developed countries in this matter?
“We can’t say that at the moment, as we don’t have comparative data regarding the region and other countries. However, Central Bank has provided all the requirements for new services leading to commercial banks in Montenegro start following trends in the area of payment services, just like world banks”, said the representatives of the Central Bank.
