Rising competition for handling of current payments

Starting last autumn, the market of low-value payment intermediation, dominated by banks in the past, has been opened to commercial companies, as well. The rising competition should bring lower tariffs for clients.

Not less than 28 EU payment institutions have notified the NBR about their intention to provide services directly on the domestic market, on the basis of the European financial passport.

Practically, these institutions will be able to handle payment services for the population.

“It’s important to say these are very well positioned operators, with presence in several countries, which have a very good technical infrastructure and can thus have much lower costs. This is where competition is coming from,” said Adrian Apolzan, chairman of the Electronic Payments Association in Romania (APERO).

Still, the impact of payment institutions on the domestic market is still modest.

Besides the 28 foreign payment institutions to have notified the NBR, two domestic companies were also licensed this summer: Meridiana-Transfer de bani and Posta Atlassib Curier Rapid, both headquartered in Sibiu.