The payments made by Moldovans with the card came to 53 billion lei in the first quarter of 2023, up 16.7 billion lei compared with the corresponding period last year. “After the pandemic, card payments and online trading in the Republic of Moldova have grown the fastest,” said Veaceslav Ioniță, economic policy expert of the Institute for Development and Social Initiatives “Viitorul”.
According to data of the National Bank of Moldova, combined with data of polls conducted by “Viitorul”, in the first quarter of 2023 the Moldovans made card payments totaling 150.3 billion lei. “Currently, the bank card market grows almost exclusively due to card payments. Cash withdrawals no longer grow. On the contrary, they have declined,” said the expert.
“Until 2016, card payments in the Republic of Moldova were smaller than card payments made outside the country. Currently, 3 in 4 lei spent by the Moldovans with the card is spent in the Republic of Moldova, while 25% is spent abroad,” stated Veaceslav Ioniță.
Online trading in the Republic of Moldova has increased considerably. In 2020, it added up to 17 billion lei, while at the moment is estimated at 38.8 billion lei, as opposed to 34.8 billion lei in the fourth quarter of 2022. The online payment market in the first quarter of 2023 was of 14 billion lei, as against 12.6 billion lei in 2022 and 8.6 billion lei in 2021.
“The risk of losing money from the card is much smaller than the risk of losing other property. Keeping money in the wallet is riskier than keeping it on card,” said the expert.
