MIA instant payment system elaborated by the National Bank of Moldova (NBM) has been launched for the first time on the Moldovan financial market.
The launch took place on March 12 during an event held by the National Bank in partnership with USAID's Institutional and Structural Reforms Activity. MIA instant payment system is available in the country's financial institutions and allows consumers and businesses to transfer money in less than 15 seconds with no fees and regardless of the bank, based only on the phone number, offering citizens and businesses a fast, secure and efficient method of making transactions. Anca Dragu, Governor of the National Bank of Moldova, expressed confidence that MIA instant payment system will soon become a technology available to every citizen or businessman. It will simplify financial transactions, stimulate economic growth and contribute to better financial management. "Thus, today Moldova is making a significant step towards a modern financial world, and the National Bank of Moldova strengthens the country's position among the states that implement advanced technologies to support economic development and provide citizens with easier access to financial services," Anca Dragu said. Prime Minister Dorin Recean said that the implementation of MIA instant payment system marks an important moment in the modernization of the domestic payment system. "We are speeding up, simplifying and reducing the cost of financial transactions for all citizens, contributing to economic security and efficiency. By launching MIA, we ensure that we stay on the path of innovation, ensure equal access to payment services and support sustainable economic growth. This is a concrete step to support our citizens and to integrate Moldova into the European digital economy," Prime Minister said. For his part, US Ambassador to Moldova Kent Logsdon emphasized that the United States is a reliable partner for Moldova's economic development and growth. An important aspect of these efforts is the support for digital innovations, such as MIA instant payment system. He said the instant payment system developed by NBM is not only a technological innovation, but also represents a transformative step that increases financial inclusion and digitization of payments. "And in a situation where instant payments are rapidly becoming a standard across the European continent, the implementation of instant payments systems and the experience gained in this process will help Moldova to move closer to the European economic space," the Ambassador emphasized. The instant payment systems implemented in a number of countries around the world show that they contribute to the economic development and improve the quality of life and financial experience of the citizens. In Moldova, since March 12, MIA instant payments have been available in the vast majority of financial applications. Instant payments enable the transfer of funds in lei between accounts in just a few seconds and are available 24 hours a day, 7 days a week. This feature makes instant payments an extremely convenient option for fast and efficient transactions, regardless of the time or day of the week. This is a significant improvement over traditional payment methods, which can take hours or even a business day. The service is available through mobile banking and online banking apps, offering unprecedented flexibility and convenience to users in Moldova. Thanks to instant payments, citizens have more flexibility in managing their finances: they can quickly transfer funds between their accounts or to other people, pay bills or shop online, and can access funds quickly and efficiently in case of urgent need. By making payments through secure mobile apps and in real time, the risk of fraud and non-payment is reduced. Instant payments can reduce financial transaction costs such as commissions and other associated fees. It is envisaged that transfers up to 10 thousand lei per month within the framework of the instant payment system will be carried out without commission, and for larger amounts the charged commission will not exceed 5 lei per transfer. MIA can be used by all users of mobile banking in Moldova, both individuals and legal entities that have a payment account opened with a bank/payment company. The necessary and sufficient identifier for making the transfer will be the phone number registered in the database of the bank or payment company. According to the NBM, 10 banks and 4 payment companies have integrated the necessary technologies to provide instant payments services. Customers are advised to contact their bank to find out how they can benefit from this service and to familiarize themselves with how to use it. // 12.03.2024 – InfoMarket
