MIA Instant Payment System Revolutionizes Moldova: Rapid Adoption and Expansion Plans Unveiled
The instant payment system MIA, which was launched on March 12 in the Republic of Moldova, has already attracted over 128,000 users nationwide, as announced by the National Bank of Moldova (BNM).
According to official sources, the system has facilitated transfers totaling over 200 million lei across approximately 200 thousand transactions.
MIA enables individuals to instantly transfer money between all payment accounts, irrespective of their financial institution, solely by providing the telephone numbers of the transaction participants.
The new transfer system does not entail commissions until the cumulative amount of 10 thousand lei is reached monthly. For transfers exceeding this amount, commissions amount to up to 5 lei, regardless of the financial institutions involved in the transaction.
Furthermore, BNM intends to expand the system to include QR code-based payments, payments through links in online stores, as well as transfers between own accounts in the case of government payments. Additionally, legal entities will also benefit from this system starting in 2025.
Instant payments will become mandatory in the European Union starting next year.
Translation by Iurie Tataru
