Payments Landscape in Romania: Opportunities and Risks to 2021
GlobalDatas "Payments Landscape in Romania: Opportunities and Risks to 2021", 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, payment cards, credit transfers, direct debit, and cheques during the review-period (2013-17e).
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 (2017-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas 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.
This 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, payment cards, credit transfers, cheques, and direct debit. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- 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.
- The government has taken steps to promote electronic payments in the country. In November 2016 it introduced the cash-back law, mandating merchants with annual business turnover of over 10,000 ($11,998.60) to accept debit and credit cards as a method of payment. 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 ($1,280.59-1,920.88). The law became effective from January 1, 2017. The law also enables Romanians to withdraw a maximum of RON200 ($51.20) from POS terminals, against a commission fee of not more than 1% of the total amount. Meanwhile 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 ($5,122.35-12,805.88).
- In November 2017, Wirecard Romania collaborated with Spire Payments and ServuS Romania to undertake the mass rollout of contactless POS terminals across Romania - enabling 6,000 additional merchants to accept contactless POS payments. Contactless payments are also making in-roads in public transport. In February 2018, BCR collaborated with Global Payments, local transport authority Tursib, and mobile network operator Telekom Romania to introduce contactless payments for all public transport vehicles in Sibiu city. The majority of banks in Romania now offer contactless cards; most recently, in September 2017 CEC Bank started issuing Visa-branded contactless credit and debit cards.
- To remain on a par with its European peers, and to promote electronic payments in the country, Romania is adopting instant payments. In October 2017, payment technology provider Transfond announced that five major banks in Romania will start testing instant payments during 2018, with the service set to be operational by the end of 2018.
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.
Table of Contents
Payments Infrastructure & Regulation
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