Debit cards, the main means of electronic payments - BoA: Market expands by 2.4%. Around 1.6 million in total circulation
Debit cards are the main means of electronic payments in the country. The latest data from the Central Bank shows that more than 1.6 million bank cards with more than one function are in circulation in Albania.
About 95% of the cards have a payment function, while 5% have an electronic money function, in other words, almost 1.5 million and 75 thousand. Of the cards used for making payments, 1.4 million or 87.9% of them are debit cards, while 118 thousand or 7.3% are credit cards.
Compared to the second quarter, the total number of bank cards in circulation increased by 2.4%. The largest impact on this increase was provided by debit cards, which in the July-September period increased by 2.8%, while credit cards increased to a much lesser extent, by only 0.01%.
In terms of card type, VISA and Mastercard are the only ones used in our country, while local cards and American Express will no longer be issued as of 2022.
Thus, the bank card market in Albania is dominated by the international companies VISA and MasterCard, which have made an almost equal division of the percentage of cards they own in the market. Data from the Bank of Albania shows that almost 51% of cards in Albania are VISA, while 49% are MasterCard.
A higher number of bank cards is an indicator of increased financial inclusion, but also an indicator of citizens' orientation towards electronic payments and the reduction of cash in the economy, which is one of the objectives that the Bank of Albania aims to achieve.
With a bank card, anyone has instant access to their funds. Whether it's to make a purchase, pay bills, or withdraw cash, a card allows you to do so securely, without having to carry cash or visit a bank branch.
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