People in Serbia will be able to pay for goods by scanning their QR codes and are among the first in Europe to use this service.
The expansion of the network of instant payment services in Serbia continues, which is particularly important for vendors, who will immediately receive money for goods sold in this way instead of waiting a few days, as otherwise happens when payment is made by credit cards, reports the National Bank of Serbia.
On the other hand, the expansion of new electronic payment services is reducing the amount of money in circulation, which is a practice in many developed countries around the world. Sweden is the leader in this respect, which has a defined plan to become a cashless society by 2023.
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Dragana Stanic, deputy governor of the National Bank of Serbia (NBS), says that the entire process of installing equipment for this type of payment is almost complete, adding that payment via QR codes is still in its infancy in the rest of the European Union.
As early as 2018, the NBS spoke of the possibility of instant payments in Serbia, so money transfers can be made within 24 hours, seven days a week, 365 days a year, in a second or two. In Serbia, at least 15 million bills are issued every month for electricity, telephone and other utility services that people have to pay on a regular basis.
Paying by phone or scanning the QR code is the way to avoid standing in line in shops, says Vladimir Vasic, secretary-general of the Association of Banks of Serbia (UBS).
In terms of the security of this type of payment, Vasic says that rules have been established on exactly what the key code should contain and that the whole system is based on experience and practices of national and international laws, “because, as an EU candidate, most of Serbia’s laws and protection systems are based on the existing EU standards”
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