High tourist influx triggers electronic payments boom in Albania
Figures published by the National Bank of Albania indicate that in April alone there were 1.5 million electronic transactions, approximately 200,000 more than in January 2024.
Why is this relevant
The figures highlight a growing reliance on electronic payments among local businesses and international visitors, reflecting a shift towards digitalization in Albania, which has long been a cash economy.
An estimated 5.6 million transactions with a value of 23.5 billion lekë were processed in the first quarter of 2024. The National Bank also stated that 2023 was a record year in terms of transaction value and volume, with a total of 14.5 million transactions, a 35% increase compared to 2022.
The growing number of foreign tourists, with their preference for using bank cards for purchases and payments, is spurring a revolution in the Albanian economy, with many businesses installing point-of-sale terminals and contributing to reducing informality.
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