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The number of card payments increases in 2023, setting a new historical record

2024-02-15 10:41:58Biznes SHKRUAR NGA REDAKSIA VOX

The number of card payments increases in 2023, setting a new historical record

Bank card payments again recorded strong growth last year and touched historic highs in number and value of transactions.

According to statistics from the Bank of Albania, during 2023 card payments at POS terminals (electronic points of sale) reached almost 14.5 million, with an increase of 35% compared to the previous year.

In transaction value, card payments last year reached 64.1 billion ALL, 26.6% more compared to 2022.

For 2023, the volume of payments at POS terminals accounted for 14.5% of the total value of card transactions, from 13.9% that had been the weight of these transactions a year ago.

Card payments are being driven especially by the record growth of inbound tourism. The demand from foreign tourists to pay by card is pushing more businesses to accept payments with these instruments.

According to data from the Bank of Albania, the number of POS terminals for accepting card payments at the end of last year reached a record number of 19,184, an increase of 18.2% compared to the previous year.

Likewise, at the end of 2023, the number of active bank cards reached 1.43 million, increasing by 4.6% compared to the previous year. The number of debit cards reached 1.24 million, an annual increase of 5%. This product remains dominant and accounts for almost 87% of the total number of bank cards. The debit card is a basic payment instrument, linked to the current accounts of businesses and individuals.

Meanwhile, the year 2023 was also positive in the credit card segment. At the end of last year, the banking sector reported almost 120 thousand active credit cards, with an annual growth of 6.6%. Although the development of this product in the Albanian market is still weak, the number of credit cards has reached the highest historical figure.

Last summer, the European Commission recommended to Albania the establishment of a ceiling amount for physical cash payments. In the last report of the analysis of Albania's compliance with the legal and regulatory community framework, the European Commission assessed that our country is only partially compliant with the European Union framework in terms of money laundering investigation. Despite recent progress, Albania's legislation is partially aligned with that of the EU in this area.

A similar request for setting a ceiling for cash payments has been expressed for years by the Albanian Association of Banks. According to the Association of Banks, the reduction of physical money in circulation and commercial transactions is a challenge and a requirement for a more organized, more measurable, more disciplined and more stable economy.

 


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