The National Bank of Moldova (NBM) on Tuesday launched the MIA Instant Payment System – a premiere for the financial sector of the Republic of Moldova. The system is available in national financial institutions and allows consumers and companies to transfer money in less than 15 seconds without paying commissions and regardless of the bank, only based on the phone number, offering citizens a fast, safe and efficient method of performing transactions, IPN reports.
In the launch, NBM governor Anca Dragu said that MIA means Moldova Instant Payments. “We can make transfers, payments between individuals, companies in record time, at very low costs, even zero ones, and in full safety. This means that the business climate will be boosted and this is a proof of our commitment to the economic community of the Republic of Moldova – to support businesses, to support entrepreneurs, to ease the work of each person,” noted the official.
“I’m confident that the MIA will soon become a technology available to every citizen or businessperson. The MIA will streamline financial transactions, stimulate economic growth and promote better financial management. So, today Moldova is taking a significant step towards a modern financial world, and the National Bank of Moldova strengthens the country’s position among the states that adopt advanced technologies to support the economic evolution and provide the citizens with easier access to financial services,” stated Anca Dragu.
Attending the event, Prime Minister Dorin Recean said that the implementation of the MIA Instant Payment System marks an important moment in the modernization of the domestic payment system. “We accelerate, simplify and reduce financial transaction costs for all the citizens, contributing to economic security and efficiency. By launching the MIA, we ensure that we stay on the path of innovation, facilitate equal access to payment services and support sustainable economic growth. It is a concrete step towards supporting our citizens and aligning the Republic of Moldova with the European digital economy,” stated the official.
“The United States is a reliable partner for Moldova in its economic development and growth. Supporting digital innovations, such as the MIA Instant Payment System, is a relevant aspect in this effort. The system developed by the NBM is not only a technological innovation, but represents a transformative step that increases financial inclusion and digitalization of payments. And in the situation where instant payments are quickly becoming a standard throughout the European continent, the implementation of the instant payment system and the experience gained in this process will help Moldova get closer to the European Economic Area,” said U.S. Ambassador in Chisinau Kent D. Logsdon.
According to NBM specialists, instant payments offer the possibility of transferring funds in MDL between accounts in just a few seconds, being available nonstop, 24 hours a day, seven days a week. This feature makes instant payments an extremely convenient option for fast and efficient transactions, regardless of the time or day of the week. It’s a significant improvement over traditional payment methods, which can take hours or even a business day. The service is accessible through mobile banking applications and online banking, offering unprecedented flexibility and convenience to users in the Republic of Moldova.
Instant payments allow citizens to carry out financial transactions at any time and from anywhere, using mobile devices or other methods of Internet access. This reduces dependence on intermediaries, geographical location, working hours.
The limits for a transaction are 5,000 lei, the limits for transactions for one day – 10,000 lei, while for a month – 30,000 lei. Transfers of up to 10,000 lei per month are made without commission, while for larger amounts the commission will not exceed 5 lei for a transfer.
The MIA system can be used by all the persons using mobile banking in the Republic of Moldova, both individuals and legal entities that have a payment account opened with a bank/payment institution. The telephone number registered in the database of the bank or payment institution will be the necessary identifier sufficient to initiate a transfer.
Ten banks and four payment institutions have integrated the technology needed to offer the instant payment service. Customers are encouraged to contact their bank to find out how they can benefit from this service and familiarize themselves with how to use it.
