Elena Ungureanu, VISA: The 18% Hike Of Currency In Circulation Is Alarming

“We are worried about the 18% increase of the currency in circulation. There is a preference for cash payments and authorities tend not to offer enough support for card payments, that would lead to a decrease of the currency in circulation. (…) The transfer of large amounts for the payments via electronic instruments would virtually trigger a better taxation,” Ungureanu told a conference organized by Bankingnews.ro.

“Cash is our main challenge, as well as the habit to use cash in the transactions between consumers and business, and in the transactions between legal entities, where the penetration rate of electronic payments is rather low,” said Catalin Calota, account manager MasterCard.

In the first nine months of 2016, the share of contactless payments in the total card transactions doubled from 10% to 20%, thus, one in two transactions is contactless, VISA representative said.

On a European level, the weight of contactless payments in total transactions is 32%, while in Poland, Slovakia and the Czech Republic, the share of contactless payments exceeds 50%, Ungureanu said.

 

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