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Payment by card? Their use increases by about 27 percent for 2023

2023-11-28 12:57:45Biznes SHKRUAR NGA REDAKSIA VOX

Payment by card? Their use increases by about 27 percent for 2023

Card payments continue to grow. According to data from the Bank of Albania, the total value of card payments for the third quarter of the year reached ALL 16.8 billion, 16.7% more compared to the second quarter.

For the entire 9-month 2023, the total value of card payments reached ALL 45.1 billion, increasing by 26.7% compared to the same period a year ago.

During the 9-month period, the total number of card payments reached 10.2 million, while for the whole of last year the number of these payments had been approximately 10.7 million.

Bankers think that the strong growth of tourism is one of the main factors that is affecting the rapid growth of bank card payments in the Albanian economy. INSTAT data showed that the number of foreign citizens who visited Albania increased by 29% for the first 9 months of this year.

The increase in market demand for card payments is also accompanied by the expansion of the base of businesses that accept such payments, and it is believed that the tourism sector has given a significant boost to these payments. According to data from the Bank of Albania, the number of POS terminals for accepting card payments in the middle of this year reached 18,570, up 14.4% since the beginning of this year.

At the same time, the number of payment cards is also increasing. At the end of September, the number of active cards reached 1.42 million, up 3.5% since the beginning of the year. Debit cards remain the dominant product, accounting for approximately 87% of the total number of payment cards.

The number of debit cards reached 1.23 million, up 3.8% since the beginning of 2023. The debit card is a basic payment instrument, linked to the current accounts of businesses and individuals. The increase in the number of debit cards is especially an indicator of the increase in the penetration of banking products and services in society. According to the latest estimates of the Bank of Albania, approximately 70% of Albanians already have a bank account.

Meanwhile, positive developments this year are being recorded in the credit card segment. At the end of the 9th month, the number of active credit cards of the banking sector reached more than 118 thousand, with an increase of 5.4% since the beginning of the year. Credit card performance this year is showing signs of real growth for the first time since the pandemic. Credit cards are a product mainly designed for non-cash payments, so their progress can be a more significant indicator to show the orientation of the Albanian public towards card payments.

 


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