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Card revenues to exceed cash receipts in 2019

09:50 | 10.04.2019 Category: Economic

Chisinau, 10 April /MOLDPRES/- Income on Moldovan cards issued in the country will amount to 67 billion lei in 2019 and will exceed the cash receipts for the first time. Ten years ago, collections of citizens on bank cards accounted for 25 percent against cash income, and now they account for half of Moldovans' earnings, especially salaries, according to IDIS Viitorul economist Veaceslav Ionita.

The largest share of social payments (social benefits, pensions, allowances) - 80 percent are made on the card, the economist notes. According to him, in the next years, card payments in commercial units and service providers will reach 25 percent of card transactions, and encouraging card payments will reduce the shadow economy and tax evasion.

According to data by the National Bank of Moldova, the market for non-cash transactions carried out in the country with cards issued in the Republic of Moldova rose by almost 2.2 billion lei in 2018 compared to the previous year and reached a record high of 7 billion lei. Payments with electronic payment instruments increased by 45 percent last year compared to 2017 and reached a record 13.7 percent of card transactions issued in Moldova. It is the eighth consecutive year when card payments in commercial networks and other service units grow strongly, well above the market average.

BNM data also show that the card transactions issued in Moldova made in the country and abroad amounted to a total of 57.9 billion lei. Economist Veaceslav Ionita predicts that in 2020 the value of these operations will amount to 77.8 billion lei.

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