Moldova embraces the digital economy with MIA Instant Payments
Date: 02/04/24
On 12 March 2024, the Republic of Moldova made a significant stride in its digital economy with the launch of the MIA instant payment system, developed by the National Bank of Moldova (BNM). Prime Minister Dorin Recean hailed the event as a significant landmark in the evolution of Moldova’s domestic payment system.
“The launch ensures that we remain on the trajectory of innovation, guaranteeing equal access to instant payment services for all citizens, fostering sustainable economic growth and aligning with the European digital economy,” stated the Prime Minister. He emphasised that the MIA system would promote economic efficiency by simplifying and accelerating financial transactions at reduced costs.
The MIA instant payment system offers great advantages over traditional financial systems. Accessible via all banking and non-banking mobile applications across the country, it serves as a novel method for both individuals and businesses to transfer money within seconds using only their phone numbers. The system operates around the clock, allowing transfers to be made within a few seconds.
The integration of the MIA instant payment system into the financial landscape of Moldova represents a step towards an economical, consumer-friendly and inclusive financial ecosystem. Its increasing popularity among citizens and businesses in Moldova signals the remarkable traction the MIA system has garnered since its launch. Within the first ten days of the launch, over 50,000 users connected to the system via their online banking applications. The surge in MIA use not only reflects the changing paradigms in financial transactions but also demonstrates Moldova’s readiness to embrace the digital economy’s potential at the national level.
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