Tourists are having an impact, card payments are increasing again this year

Albanians are paying more often by card. In the first three months of the year, about 134 billion lek were spent through banking channels. The main factor driving the growth of card payments is the expansion of the base of businesses that accept such payments, driven by tourism.

To withdraw money, pay bills or buy food at the supermarket, Albanian citizens and foreign tourists carried out almost 12 million banking transactions in the first three months of the year. Data from the Bank of Albania shows that almost half of the total electronic transactions are for card payments.

"The best news is that Albanians have started to value time and use it more efficiently. This translates into more digital payment products, which have been around for years," payment systems expert Bora Feri tells A2 CNN.

The increase in payments has been accompanied by the value spent, which for the first three months of the year is estimated at around 134 billion lek. This figure is the highest since the use of bank cards began in the country.

"There is still a lot to be done in this regard. In order for the use of banking payment channels to make sense, there must be a concentration of all market actors, starting with the consumer and ending with the regulator or vice versa," Bora Feri explains to A2 CNN.

According to experts, the main factor driving the growth of card payments is the expansion of the base of businesses accepting such payments, driven by tourism. Data from the Central Bank shows that the number of electronic payment terminals reached over 25 thousand at the end of March, up from around 24 thousand at the end of last year.

"The market in Albania continues to perceive card use as something that belongs to a certain stratum. Here, there is a need for advice from all stakeholders. It is not the consumers' fault," Feri emphasizes for A2 CNN.

Paying by card is now routine for consumers in developed economies. In Albania we are still far from this reality, although in recent years cash payments have been discouraged.

According to data from the Bank of Albania last year, an average of 23 payments per capita were recorded electronically.

However, the indicator of an average of "only 2 payments per month for each citizen" is still far from the objectives of going "from physical to digital." (A2 Televizion)