Payments trends: Cashless payments increased by 30%, significant increase in tokenized transactions observed

The future of money transactions, the strengthening of various contactless payment methods, the support of small and medium-sized enterprises and the implementation of artificial intelligence in digital financial flows are just some of the topics discussed at the Visa SEE Business Forum 2024.

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Ana Drašković, Photo: Visa
Ana Drašković, Photo: Visa
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

Held in Kotor, the annual conference dedicated to technological innovations in payment systems and financial inclusion gathered over 120 prominent representatives of the financial industry throughout six markets of Southeast Europe, including customers and experts from Visa around the world.

Some of the key trends in modern payments for South East Europe show that cashless payments across the region will grow by 30% in 2023, with a 74% increase in tokenized transactions. There was also a 16% increase in the number of points of sale using POS systems.

"Visa has been present on the Southeastern European market for over 40 years. Our joint efforts with governments, regulatory bodies, financial institutions and partners have resulted in significant achievements in the development of the region's digital economy. With the introduction of 15 million new Visa cards across the Central and Southeast European market, the number of Visa cards in use has increased by 14% compared to 2022. We are committed to further expanding the acceptance network for simple and secure digital payments in Southeast Europe, as well as promoting the digital transformation of the local economy through innovation." she said Kristina Dorosh, Senior Vice President and Regional Manager for Central and Southeastern Europe.

Kristina Doroš
Kristina Dorošphoto: Visa

The participants of the conference discussed the digital progress of the regional community, while the representatives of the Visa company presented significant results achieved during four decades of business in the region of Southeast Europe.

"We continue to innovate and empower users with digital, secure transactions, playing a key role in modernizing payments in the region." I am pleased that our Forum this year achieved just that – to convince clients and our partners that the payments industry is evolving faster than ever, and that we are evolving along with it, providing them with endless opportunities to improve their business and make them competitive, she pointed out Ana Drašković, vice president and general manager of the Visa company for Southeast Europe.

Visa also unveiled new card features and digital innovations that will provide consumers and merchants with personalized, more convenient and secure ways to pay in the future. Visa Pay enables banks to rapidly implement new innovative solutions, including digital issuance, payment initiation, touch payments, fraud and risk management, digital wallet platforms and more. Visa Flexible Credential allows users to change how and when they want payment methods with one and the same card. Visa Payment Passkey confirms identity without interrupting the transaction at check-out and increases security while reducing disruption when paying online, on any device or website, worldwide.

Visa
photo: Visa
About Visa

Visa is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government authorities in more than 200 countries and territories. Their mission is to connect the world through the most convenient, innovative, reliable and secure payment network, enabling individuals, businesses and economies to thrive. We believe that economies everywhere include and improve everyone, and we see accessibility as the basis for the future movement of money. Learn more at visa.com.