Bank of Albania First Deputy Governor Holta Zaçaj outlined priorities for expanding instant payment use and reducing electronic payment acceptance costs during a panel on fast payments in the Western Balkans at an international payments conference in Tirana. Her remarks reviewed the ongoing TIPS Clone project, which is intended to enable payments within seconds and establish the technical basis for instant payments across borders. Albania’s membership in the Single Euro Payments Area (SEPA) has already reduced international transfer costs for consumers and businesses. Success of the instant payment infrastructure will be measured by widespread use among consumers, businesses and public institutions. Priorities include developing quick response (QR) code payments, digitizing public payments and expanding electronic payment acceptance among merchants to reduce reliance on cash. Regulation of card interchange fees is another priority for lowering acceptance costs. Financial education and public awareness should accompany the expansion of digital services, with an emphasis on protecting consumers from fraud and enabling safe use across age groups.
Bank of Albania outlines priorities for instant payment adoption and lower card acceptance costs
Bank of Albania First Deputy Governor Holta Zaçaj highlighted wider instant payment use and lower merchant acceptance costs at a payments conference in Tirana. The ongoing TIPS Clone project would enable payments within seconds and provide a foundation for instant transfers across borders. Adoption priorities include quick response (QR) code services, digital public payments and broader merchant acceptance, alongside card interchange fee regulation to lower costs.