Albanians "don't give up" on physical money - First in the region for cash payments and value that circulates outside banks
Compared to other countries of the Western Balkan region, Albania has the highest value of money circulating outside banks, that is, of the use of physical money by citizens. In Albania, cash payments continue to dominate, while the number of transactions made with bank applications (home banking) has also decreased.
At the end of October, money in circulation outside banks reached 401 billion lek or 3.6 billion euros, a figure converted according to the current lek-euro exchange rate. Compared to December last year, money outside banks has increased by almost 2%.
Scan Television has carried out a detailed analysis to see how much money is used outside of banks in the countries of the region. According to the People's Bank of North Macedonia, about 51.89 billion denars or 842.8 million euros circulate in the neighboring country, a figure significantly lower than that of Albania. In Bosnia and Herzegovina, the total value of money circulating in the hands of the people alone is reported to be 6.79 billion convertible marks or 3.47 billion euros, while in Serbia money outside the banking system is estimated at 2.11 billion euros. For Kosovo and Montenegro, there is no public data on the value of money circulating outside banks, however, from unofficial sources it is reported that it is not a higher amount than in Albania.
Even in terms of POS terminals, despite the fact that Albania has a larger number of businesses than Kosovo, the number of POS installed is not very large. If we compare it with Serbia, the latter has a record number of POS terminals, and this is due to the greater number of businesses.
Regarding the modernization of the payment system, Albania and Montenegro are the only countries in the region that have been admitted to the Single Euro Payment System (SEPA). Kosovo has just closed pre-application, while Serbia, Bosnia and Herzegovina, North Macedonia are further behind. Regarding the system of fast payments, instant payment, in Albania it is expected to start implementation within 2 years, while in Serbia it is currently in use.
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