Payments Landscape Market in Romania Outlook 2021: Big Things are Happening
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Payments Landscape in Romania: Opportunities and Risks
GlobalData’s 'Payments Landscape in Romania: Opportunities and Risks to 2025' report provides detailed analysis of market trends in the Romanian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
GlobalData’s 'Payments Landscape in Romania: Opportunities and Risks to 2025' report provides top-level market analysis, information and insights into the Romanian cards and payments industry, including -
- Current and forecast values for each market in the Romanian cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Analysis of various market drivers and regulations governing the Romanian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
- To remain on a par with its European peers and promote electronic payments in the country, Romania adopted instant payments. On December 10, 2018, Transfond (the Romanian electronic payment system operator) launched an instant payment service in the country. The system enables Romanian individuals to transfer up to €15,000 ($17,183.22) or RON50,000 ($12,309.55) between banks instantly 24 hours a day, seven days a week, 365 days a year.
- The government introduced the cashback law in November 2016, which became effective from January 1, 2017, mandating merchants with annual business turnover of over €10,000 ($11,455.48) to accept debit and credit cards as a method of payment. The cap was increased to €50,000 ($57,277.39) in June 2018. This means merchants must install at least one POS terminal in each of their stores. Failure to do so carries a fine of RON5,000-7,500 ($1,230.95- 1,846.43). The law also mandates that public utility providers and public institutions must accept payments via cards, or risk a fine of RON20,000-50,000 ($4,923.82- 12,309.55).
- The emergence of contactless technology will help boost electronic payments in Romania. According to a study conducted by Mastercard, the number of contactless transactions increased by 139% between January and August 2018, in comparison to the same period of 2017. To capitalize on this trend, major banks including Raiffeisen Bank, Banca Transilvania, and BRD (part of Société Générale Group) offer contactless payment cards. Meanwhile, stickers and wearables can also be used for contactless payments. In February 2019, Credit Europe Bank launched the AVANTAJ2go Sticker and Bracelet linked to CardAvantaj Mastercard credit cards, enabling users to make contactless payments at merchants.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Romanian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Romanian cards and payments industry.
- Assess the competitive dynamics in the Romanian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Romania.
- Gain insights into key regulations governing the Romanian cards and payments industry.
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