Moldova Ditches Cash: Card Payments Surge
According to official data from the National Bank of Moldova (BNM), over half of Moldovans prefer to pay with a card.
Payments through mobile apps are also becoming increasingly popular. Experts believe that digital transactions are secure, and most of the people we interviewed confirmed that they use their bank cards more often.
People say that paying with a card helps them save time and keep track of their spending.
Vox:
- "Card, definitely. Why? It's convenient, you don't have to carry cash with you. While safety is important, the main draw is convenience."
- "I prefer to pay with a card because it is very convenient and I think cash is outdated. It carries a lot of bacteria, and it's inconvenient to carry my wallet with me all the time. I have my phone, I tap it, and I pay."
- "It's more convenient with a card, it's nice to use it."
- "I prefer to pay with a card, it's more useful. You have the option to use NFC, to pay with your phone, and you don't have to worry about losing your card, I can use my phone."
- "I prefer cards because they're convenient and I can register them on my phone, and I always have my phone with me. I do keep cash because I don't always have a public transport pass or some stores don't accept cards."
However, older people prefer to pay in cash:
- "We are used to cash. That's how we've always done it, but now you have to put money on the card, but that way we have it in our pocket."
- "Cash. I like it better. Sometimes I use the card too, but with cash you can feel it, you can feel the money. And I have the impression that I will save more."
Experts say that paying with a card is safe. Fraud accounts for less than one percent of the number of transactions.
Victor Șușu, Director of the Payments Department of the National Bank, says that every citizen of the Republic of Moldova has a payment card.
"They are quite safe, of course, like any payment instrument, there are also certain types of fraud, unfortunately, we still have work to do here, including citizens need to be informed about the risks," warns Victor Șușu.
"Card payments have been spreading lately, we have about 15 million card transactions per month, and they are increasing. A major problem has become fraud through bank cards. They are not frequent. There is one fraud per about 10,000 transactions," says Marina Soloviova, Program Director, Expert-Grup.
"In September 2023, when we conducted the survey, about every second cardholder made active online payments, two out of three cardholders made contactless payments, and about four out of 10 had a banking application," says Stas Madan, Program Director, Expert-Grup.
According to official data from the National Bank of Moldova, 3.29 million bank cards were issued last year.
Translation by Iurie Tataru
