Montenegro sees rise in digital payments and mobile banking

Data from the Central Bank of Montenegro indicates a significant shift in consumer behavior toward electronic and card-based payments, resulting in a decline in cash usage. While the number of account-based transfers saw a decrease in recent years, the volume of electronic payments continues to rise.

In the previous year, there were nearly 17 million electronic transactions totaling approximately 25 billion euros. Mobile banking has also seen substantial growth, with mobile payments increasing by more than 180% over the last five years. Andrija Jovović, Director of the Payment Services Sector at the Central Bank of Montenegro, stated that the regulator's goal is not to abolish cash, but to provide citizens and businesses with high-quality, affordable digital alternatives, such as SEPA and instant payments.

Economic analyst Novak Svrkota noted that this transition positively impacts the national economy by stimulating consumption.