Bank cards, increasingly popular in the Republic of Moldova

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Posted by: Ecaterina Arvintii

News / Economic

13 Jan. 2021 / 20:15

Bank cards, increasingly popular in the Republic of Moldova

The volume of bank card operations in 2020 reached 80 billion lei, increasing by more than 5% compared to the same period of 2019. It is the smallest increase since the appearance of bank cards in the Republic of Moldova and four times lower than the average in recent years, when the annual increase in bank card transactions was around 20%. The COVID-19 pandemic and travel restrictions are the main factors that have negatively influenced the volume of bank card operations, experts say, reports Moldova 1.

According to experts, most bank card transactions are those of withdrawing cash from ATMs. Thus, in the first nine months of last year, less than 38 billion lei or 1.5% more were withdrawn from cards than in the same period of 2019. According to experts, bank cards, lately, have become a means of payment and not a simple tool for obtaining cash.

"If before that 99 percent of Moldovans did so, this year we have a positive trend. Only 70 percent of them withdraw in cash, the rest make payments by bank card. Payments with the banking framework exceed 20 billion lei. It is a figure of over 50 percent compared to last year," said the IDIS Viitorul expert, Veaceslav Ioniţă.

Experts say that, for the first time in the history of bank cards, payments made by Moldovans abroad in 2020 have decreased compared to previous years. At the same time, foreigners have reduced the volume of operations in the Republic of Moldova.

"The COVID, the closure of the borders, the impossibility to go abroad to rest and on the contrary, to come to Moldova led to the fact that the payments of Moldovans with the card abroad decreased," Veaceslav Ioniţă added.

According to experts, the volume of bank card transactions in 2020 amounted to 80 billion lei.

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