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Albania, year after year, is becoming a tourist attraction, with millions of foreign visitors who, among other things, seek access to digital payments, which in Albania are not very widespread, especially in retail trade.
A recent World Bank report shows that Albania has the lowest percentage of the population over 15 years old that uses digital payments. In 2021, only 35% of the population over 15 in Albania received or made a digital payment compared to 29% in 2017.
The bank notes that other countries in the region have taken faster steps in this direction, and even Kosovo ranks much better.
In 2021, almost 48% of the population over 15 years old in Kosovo were users of digital payments, up from 39% in 2017. In Bosnia, 67% of the population over 15 years old used digital payments, in North Macedonia, 74%, and in Serbia 87%.
The bank analyzes that digital payments have become more widespread in the Western Balkans, although there is still a lot to be done.
As economies become more digital, payments enable this transition. They allow economic and financial activities to take place at a faster, more convenient and safer rate.
The rate of use of digital payments includes payments through a digital payment instrument, device or channel such as electronic banking, transfers, credit and debit cards, electronic money (e-money).
Digitization of payments is particularly important for Western Balkan countries, both for internal and cross-border payments/transfers in their efforts to comply with EU standards.
Domestically, digital payments support businesses to operate more efficiently and securely. Furthermore, they help reduce informality and increase transparency.
For example, increasing digital payments by 10 percent (by converting payments from cash to digital) would reduce informality in the economy by 2 percent.
Digital payments support remittance flows and enable deeper inter-regional and EU integration for Western Balkan economies.
The World Bank suggests that efforts to improve the payments environment require improving the legal and regulatory framework to align with relevant EU directives and regulations, strengthening supervisory roles, payment systems, further enhancing cyber security, aspects of customer recognition and the introduction of open banking, as well as the implementation of new generation payment infrastructure, such as fast payment systems (FPS), which are lacking in the Region./ Monitor
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