[K1] The value of cashless transactions reaches 5 billion euros in 2021
Unlike Sweden, Finland, Canada, France, Germany, and Japan, cash is still the dominant means of payment in Serbia. Despite that, there is a shift in 2021, where 62 million more card payments were recorded compared to 2020.
-Although Serbia is behind Western European countries in terms of the number of cashless transactions and the number of POS terminals per capita, there has been intensive growth in Serbia lately. In 2021 alone, the total turnover was more than 5 billion euros, a fantastic result compared to the period five years ago, when it was only 2 billion - said Marko Danon, head of the Competitiveness Unit at NALED at K1 television.
As he explained, there is an unstoppable trend in the use of cashless payment instruments, not only in Serbia but globally. Technology, technological innovations, and globalization are major contributors, next to the escalation caused by the pandemic. The number of individual cashless transactions is expected to grow by 20% annually over the next five years.
- This is a comprehensive trend that cannot be reversed. The growth of non-cash payments can be of particular benefit to citizens, the economy, and the whole country. In particular, the most important aspect for the state is what we at NALED emphasize the most, the fight against the shadow economy with cash being the currency of the shadow economy. When it comes to merchants, this method of payment will provide greater opportunities for sales - Danon added.
According to him, within the recently launched Cashless Payment Initiative, a joint project of GIZ, MasterCard, and Visa, implemented by NALED in cooperation with the Ministry of Finance, the goal is to promote all forms of non-cash payments. Although cards are the most commonly used instruments, there are also instant payments from the National Bank of Serbia, mobile applications, and many other forms.
The three-year project will provide 25,000 free POS terminals for entrepreneurs, owners of small and micro businesses, as well as state institutions that have not used this type of payment so far.
