Increasing e-banking payments/ Their weight reached 58.5% of bank transfers

2024-01-02 11:10:00, Ekonomi CNA

Transactions through electronic channels dominated the structure of bank payments for the third consecutive quarter during 2023.

According to data from the Bank of Albania, out of about 3.45 million credit transfers made by banking sector customers in the third quarter, 58.5% of them or more than two million actions in total were made in non-paper form.

The weight of actions from electronic channels marked a further increase compared to the first two quarters of 2023, when electronic payments accounted for about 56% of the total number of credit bank transfers. This led to the fact that for the entire 9-month 2023, the weight of electronic payments reached almost 57% of the total transfers.

Meanwhile, during the third quarter of 2023, an increase in the specific share of electronic transfers in value was also recorded. About 39% of the total value of transfers was carried out through distance electronic actions, from 35% and 33% of their share in the previous two quarters.

Transfers in non-paper form include transfers that are carried out without the client's physical presence in the bank, mainly through internet banking and mobile banking services.

The shift of bank transfers to electronic channels marks an important turning point in the relationship of the Albanian public with banking services. For the first time in 2023, internet banking and mobile banking operations have exceeded the number of operations that are physically performed at bank counters. Meanwhile, their weight is constantly increasing in value.

The use of payments through electronic channels has also been encouraged by the Bank of Albania. Since June 2020, all interbank transfers up to the value of 20,000 ALL that are carried out through electronic channels must be offered by banks without any commission. Meanwhile, for larger amounts, electronic transfers have commissions at least 50% cheaper compared to those carried out at bank counters. The same policy was followed in the regulation for national transfers in euros, where commissions for electronic transfers must be a maximum of 50% of commissions for payments made in bank branches.

At the end of 2022, the number of bank accounts connected to the Internet reached 878 thousand, an annual increase of 24%. It is estimated that 28.2% of active bank accounts are accessible from the Internet, from 23.2% that this indicator had been at the end of 2021. 90% of the number of resident bank accounts connected to the Internet belong to individuals.

In 2022, individuals also saw the highest rate of growth in the number of accounts connected to the Internet, up 25%. In terms of businesses, the number of accounts connected to the Internet expanded by 16%.

The use of online channels saves time and is an important development for avoiding customer queues at bank counters, using these counters only for obtaining those services and products where physical presence is really necessary.

Currently, all commercial banks in Albania offer remote banking services. This means that every customer of the banking sector has an alternative channel available for making payments and receiving other services, without necessarily going to the branch./ Monitor Magazine