In remarks at a forum on the shift toward a cashless economy, the Bank of Albania reviewed the country’s payments modernization agenda and set out its main medium-term priorities. The central bank highlighted earlier reforms including transposition of the European Union’s PSD2 framework, the basic payment account law, the AIPS Euro system and Albania’s entry into the Single Euro Payments Area, or SEPA. It said the next infrastructure priority is a national instant payments platform based on the Eurosystem’s TIPS model, alongside legal and regulatory changes to allow payment institutions and electronic money institutions direct access to national payment systems. The Bank of Albania linked those reforms to lower costs, broader access and stronger use of electronic payments. All banks and one nonbank institution are now SEPA members, and euro transfers with SEPA countries cost up to 20 times less than a year earlier, with international studies cited by the bank estimating annual savings of up to EUR 70 million in the first year from lower scheme fees alone. Digital payments per capita have risen to 29 a year from five a decade earlier, digital payments are growing by about 25% annually, cards in circulation have reached 1.5 million and the point-of-sale terminal network continues to expand. At the same time, cash remains dominant among small businesses, in the informal economy and in areas with limited banking infrastructure. The planned instant payments platform is intended to enable real-time transactions on a 24/7/365 basis and remove operational constraints in the current payments systems. The bank also said it will deepen and further structure financial education programs, particularly for young people, to support wider adoption of electronic payment instruments.
Bank of Albania2026-06-26
Bank of Albania outlines instant payments platform and direct access reforms in cashless payments agenda
In forum remarks, the Bank of Albania said its next payments modernization priorities are a national instant payments platform based on the Eurosystem’s TIPS model and legal changes giving payment and electronic money institutions direct access to national payment systems. It also highlighted the impact of earlier reforms, including SEPA membership, saying euro transfers now cost up to 20 times less than a year earlier and digital payments per capita have risen to 29 from five a decade ago. Cash still remains dominant in small businesses, the informal economy and areas with limited banking infrastructure.