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NewsMontenegro, Cash payments are slowly going into oblivion

Montenegro, Cash payments are slowly going into oblivion

That electronic payment is increasingly popular in our country is shown by the fact that on the last day of last year in Montenegro, the total number of payment cards issued amounted to 525,849, as well as that six times more transactions were made with cards than with cash, the Central Bank announced for Dan of Montenegro (CBCG).

– We note that all credit institutions operating on the Montenegrin market, 11 of them, operate with payment cards, that is, they issue payment cards – stated the CBCG.

According to their data, in 2022 the total number of payment transactions made with payment cards was 39,839,849, which is 40% more than in 2021, when that number was 28,523,194, and 70% more in compared to 2020.

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– From the above, it follows that there is a trend of constant growth. When it comes to the value of transactions with the payment function, it amounted to EUR 913.64 million, which is 49% more than the previous year. In 2022, the total number of realized cash transactions, i.e. the number of payments and withdrawals of cash from the transaction account and to the transaction account was 6,807,244, of which 4,576,104 payment transactions were cash payments and 2,231,140 payment transactions were cash payments. – emphasized from the CBCG.

When it comes to realized cash transactions in 2021, the total number of those transactions was 6,504,809, of which 4,265,997 were cash payments and 2,238,812 were cash payments.
– The comparative indicators of 2022 compared to 2021 show that the number of total cash transactions, i.e. payments and withdrawals, also recorded an increase of five percent. Although cash payments are still significantly represented, in recent years we have seen an increase in the use of electronic payments in Montenegro. In 2022, the largest turnover was achieved through debit cards. Namely, of the total number of payment transactions made with payment cards, 36.1 million transactions or 91% with a total value of EUR 817.35 million or 89% were made with debit cards – according to CBCG data.

Nevertheless, in Montenegro, there are still a large number of facilities where it is impossible to pay by card, such as, for example, markets, tobacconists and smaller shops, as well as a certain number of cafes. This problem is particularly pronounced on Sundays, i.e. non-working days in the trade sector. Across Europe, there are numerous facilities where it is impossible to pay in cash, while Switzerland is considering the complete abolition of cash payments, which the residents of that country will vote on in a referendum.

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