Instant payment in Serbia from 2018 – NBS preparing implementation of modern transactions

The system of instant payment that should be implemented in Serbia next year will enable citizens and businessmen to make the necessary payments at any time, with the money arriving to the account in a manner of seconds, becoming available to the recipient almost immediately, Novosti writes on Monday, November 20, 2017.

To make such transactions, users will only need to own mobile phones or computers from which to send a payment order through e-banking or m-banking.

This modern payment method is in charge of the National Bank of Serbia, which is working on establishing the infrastructure.

– We will enable all providers of payment services in the country, including e-money institutions, to have access to this system, whereas banks will be obligated to participate in the system – the NBS explains.

The concept is often called cashless cash, as it enables immediate confirmations of availability of money on the side of the paying entity and immediate availability of the money on the side of the recipient.

– In addition to cash, purchasers will be able to make payments through phones in outlets, whereas sellers will receive confirmation of payment, with the money arriving to the account in several seconds, which is not the case with payment cards – the NBS explains.

– Providers of payment services and, indirectly, users will also be freed from paying considerable card system charges present in using payment cards.

As part of this system, the NBS will also enable the payment of monthly charges of big utility companies interested in this service, Novosti reports.

No unavailable users

Money transfer through instant payment should be available at any moment.

– All the participants in the system will be obligated to enable constant availability of the service – the NBS notes.

– There is no possibility of a user's not being available, as this would have a considerable negative impact on the users' trust in the system.

Narodna banka Srbije Beograd

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