The proposal for amendments to the Law on Payment Transactions aims to further modernize the Montenegrin payment system in accordance with best European practices and legislation, announced the Minister of Finance, Novica Vuković.
Vuković said in the Parliament that the proposed law will primarily affect users of payment services in Montenegro, as it enables the disposal of funds in real time 24/7, provides a high level of protection against fraud and erroneous payments, and introduces mandatory verification of payment recipients, along with adequate verification in the application of restrictive measures.
"On the other hand, the creation of a transparent and stable regulatory framework allows payment service providers to provide payment services more efficiently, modernize their offering, and stimulate the development of new products related to the future functionalities of these payments," added Vuković.
The proposed law does not introduce new business barriers, but rather contributes to the creation of a stimulating, equal and predictable business environment, which is a key factor for further improving the market and attracting new investments in the payment services sector.
It is also expected that this regulation will support the arrival of new participants in the payment market in Montenegro, and that it will stimulate market competition among existing participants.
The Governor of the Central Bank of Montenegro (CBCG), Irena Radović, said that this law will fully integrate Montenegro, as the only country in the Western Balkans, into the European financial payment framework.
"By adopting this law, we are moving towards executing transactions in domestic payment systems within a few seconds," said Radović.
For citizens, this means that they have automatic access to their money, that transfers are made within seconds, and that their liquidity is increased. For companies, it means that funds are transferred to their suppliers within seconds, that they are far more competitive, more agile, and that business is enabled in an easier and simpler way.
Democratic Party of Socialists (DPS) MP Elvir Zvrko said that citizens are not too interested in European directives as such, but rather whether they will pay less, whether they will wait shorter, and whether payments will be safer.
"Citizens will not live better because money only travels for about ten seconds, because the question is whether they have the money they can transfer," said Zvrko.
Citizens, he said, are increasingly taking on debt and, according to data, they owe around two billion euros.
Democratic MP Nikola Rovčanin announced that the proposed legal solution is not just an administrative law, but concerns all citizens.
"This is a significant improvement and great results have been achieved in terms of efficiency," said Rovčanin.
According to him, every euro that passes through our payment system is an expression of the value of someone's work.
"Everyone wants their salaries, pensions and payments to be safe and reliable, and this particular legal solution is not just in the form of harmonization with the EU acquis, but is a great achievement that will make things easier for citizens," said Rovčanin.
He said that fees will be limited to five cents up to 200 euros, which are the bulk of transactions where citizens pay their electricity and utility bills.
"That's a significant reduction," Rovčanin said.
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