Representatives of the business community have tested the performance of instant payments through the MIA payment system, a new module that facilitates payments from the consumer to the business, which will be launched soon. The solutions for accepting payments for products and services are created with the support of the USAID Moldova Institutional and Structural Reforms Activity (MISRA) by the companies Paynet, QSystems and RunPay, which were selected on the basis of a grant competition, IPN reports.
According to a press release of MISRA, the developed solutions are connected to the MIA Instant Payment System of the National Bank of Moldova and offer businesses the opportunity to use advantageous ways to collect payments by scanning a QR code, a payment button accessible online or by submitting a payment request. These new instant payment tools and methods will be available to all those who have payment accounts at bank and non-bank payment service providers in Moldova.
The new digital financial solutions are expected to help simplify payments in particular for e-commerce, small merchants, small and medium-sized manufacturers and service providers.
“Instant payments from consumers to businesses offer multiple benefits to entrepreneurs, such as reduced fees for accepting payments, but also immediate access to funds. At the same time, the introduction of new technologies, such as QR code payments or the issuance of payment requests, will improve the efficiency, security and convenience of financial transactions, generating opportunities for growth and innovation within the financial sector, facilitating financial inclusion and economic development,” reads the press release.
Jeff Bryan, Mission Director for USAID Moldova, at the event presenting consumer-to-business payment solutions, said that these initiatives are important for transforming Moldova’s financial system, but also for supporting growing businesses and innovating consumer relations.
The MIA Instant Payment System developed by the National Bank of Moldova was launched with the support of USAID in March this year. This payment system, at the first stage, offered the possibility only to individuals to make P2P transfers based on the mobile phone number. In four months after its launch, more than 200,000 people make instant payments through the MIA System.
