Implementation of the project of introducing instant payments is starting
Instant payment in Montenegro will be operational by the end of 2023 at the latest, it was announced at today’s meeting of the Central Bank of Montenegro’s (CBCG) management with commercial banks. The CBCG aims to provide an instant payment system enabling citizens to perform payment transactions quickly, securely, and easily without cash or payment cards. At the same time, sellers of goods and services will have the money from the sale immediately available. Also, in the next five years, the instant payment system should contribute to the reduced cash payments by a fifth compared to 2020. Inter alia, it will affect the reduction of the non-observed economy.
At today’s meeting, Governor Žugić pointed out that CBCG worked intensively preparing preconditions for implementing the instant payment system in Montenegro in the previous period. “Based on the accumulated knowledge and the imperative to follow modern trends, we have the conditions to jointly step next year into the most important project since establishing the payment system,” the Governor said.
Due to its extreme complexity, it is planned to implement the project in phases and close coordination with banks as payment system participants. At today’s meeting, the interlocutors agreed to establish a working body to monitor and coordinate project activities. They announced that the tender for the first project phase, finalised with the World Bank’s technical assistance, will be announced in March 2022.
In parallel with the activities on the instant payments introduction, activities on the standardisation of the national QR code will be carried out as a precondition for introducing innovations in the payment system. The final proposal and instructions for applying the QR code are expected to complete with the World Bank’s technical assistance by next March.
Banks’ representatives supported the CBCG initiatives and expressed their readiness to contribute to the successful implementation of planned activities through their engagement.