Fast payment system, from 2026 in Albania - Cooperation agreement re-signed. Now, North Macedonia is also part of it
The cooperation agreement for the establishment of a fast payment system in the Western Balkans, now including North Macedonia, has been re-signed. The First Deputy Governor of the Bank of Albania, Luljeta Minxhozi, was in Washington to participate in the re-signing ceremony.
With this step, now 5 central banks, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro and Albania are part of the initiative that will enable easier and faster payments by citizens. The Governor and Deputy Governor of the Bank of Italy were also present at the ceremony, along with the heads of the central banks of the region.
The agreement foresees that the Bank of Italy will offer a fast payment system based on a replica of the TIPS service, the European platform for real-time payment settlement, designed and managed by the Bank of Italy on behalf of the Eurosystem. This initiative, approved by the Governing Council of the European Central Bank, marks another step towards the modernization of the payment infrastructure and brings the region further closer to European standards, the Bank of Albania states.
The implementation of the instant payment system will be operational in Albania starting in 2026. When an individual wants to purchase a product, the business will offer a QR code that the citizen can scan via their phone and immediately make the payment, without the need to take out the card and without using a POS terminal.
Instant Paymet is expected to increase financial inclusion, reduce the use of physical cash, but also the cost of transactions for businesses and consumers.
This system started as a pilot project at the beginning of last year in three cities, Tirana, Dibër and Përmet, where 300 individuals made payments through applications offered by banks and electronic money institutions in small and medium-sized businesses for a period of 4 months near the areas where they reside.
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