After a little less than a year since the start of implementation of the Law on Multilateral Interchange Fees and Special Operating Rules for Card-Based Payment Transactions, the figures indicate very positive trends in further development and increased efficiency of cashless payments in Serbia, the National Bank of Serbia (NBS) announces.
At end-Q2 2018, before the Law entered into force, the total number of POS terminals in the country was 79,486, while it reached 89,367 at end-Q2 2019, which was a 12.4% increase.
In the period between 2007 and 2017 the average annual rise in the number of terminals was 2.5%.
– Lowering of merchant fees for internet acceptance also broadened the internet acceptance network. Namely, at end-Q2 2018, the number of virtual points of sale was 681 and at end-Q2 2019 that number reached 989, which is a 45% increase – the press release reads.
The NBS initiated the adoption of the Law in order to regulate the payment cards market, limit the systemic risk in card operations, enhance market transparency and competitiveness, and reduce the costs of payment card acceptance and consequently increase the number of cashless transactions and the number of POS where cards can be used.