Visa Expands Partnerships to Drive Cashless Economy in Southeast Europe, Serbia

Date:

Visa Expands Partnerships to Drive Cashless Economy in Southeast Europe

US-based digital payment provider, Visa, is expanding its partnerships in Southeast Europe (SEE) to drive the growth of the cashless and digital economy in the region, according to Snezana Sofijanic, Visa’s head of government engagement in the Western Balkans.

Visa aims to be a strategic partner to central banks, governments, banks, merchants, and other key players in SEE. By collaborating with these entities, Visa intends to stimulate the adoption of cashless payments and innovative technologies that can accelerate the process.

In the Western Balkans, Visa is reframing the challenges faced by governments as opportunities for growth. The company believes that small businesses can benefit from more affordable options for going cashless, thanks to contactless payments using smartphones and smartwatches. Visa has also made significant investments in security measures to safeguard digital transactions and prevent fraud.

One of Visa’s successful initiatives in the region is the ‘Better Way’ project, launched in Serbia in June 2021. This collaboration between Visa, the Serbian finance ministry, the National Alliance for Local Economic Development (NALED), the German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and a U.S. payment network aims to promote a cashless economy in Serbia.

As part of the initiative, over 1,700 small enterprises in Serbia have received cashless payment acceptance devices free of charge for one year. They have also benefited from reduced fees for processing payments through the support of participating banks. This project aligns with the Serbian government’s efforts to combat the shadow economy and promote the use of e-fiscalisation.

See also  The Impact of ChatGPT and Artificial Intelligence on Small Businesses

A recent study by Serbia’s economic policy research foundation FREN indicates that aligning Serbia’s cashless economy with the average for Central and Eastern Europe could potentially reduce the shadow economy by approximately 3.4% of the GDP. This, in turn, could result in an estimated yearly increase of around 700 million euros in tax revenues over the span of six to seven years.

Switching to a cashless economy not only supports small business growth but also contributes to the overall prosperity of the community. Transparency, fair play, and modernization are promoted through the adoption of cashless payment systems.

Visa’s expansion of partnerships and commitment to driving the cashless economy in Southeast Europe is expected to bring about significant socio-economic benefits. By collaborating with central banks, governments, and other stakeholders, Visa aims to accelerate the adoption of digital payments and innovative technologies that can foster financial inclusion and economic growth in the region.

Frequently Asked Questions (FAQs) Related to the Above News

What is Visa's goal in Southeast Europe?

Visa's goal in Southeast Europe is to drive the growth of the cashless and digital economy in the region.

Who are Visa's intended partners in Southeast Europe?

Visa aims to partner with central banks, governments, banks, merchants, and other key players in Southeast Europe.

How does Visa plan to stimulate the adoption of cashless payments in the region?

Visa plans to collaborate with entities in Southeast Europe to stimulate the adoption of cashless payments through innovative technologies and by providing more affordable options for businesses to go cashless.

What initiatives has Visa launched to promote a cashless economy in Serbia?

Visa has launched the 'Better Way' project in Serbia, in collaboration with the Serbian finance ministry, NALED, GIZ, and a U.S. payment network. This project aims to promote a cashless economy by providing cashless payment acceptance devices to small enterprises and reducing fees for processing payments through participating banks.

What are the potential benefits of transitioning to a cashless economy in Serbia?

According to a study by FREN, aligning Serbia's cashless economy with the average for Central and Eastern Europe could reduce the shadow economy by approximately 3.4% of the GDP. This could result in an estimated yearly increase of around 700 million euros in tax revenues over six to seven years.

Apart from small business growth, what other benefits does transitioning to a cashless economy bring?

Transitioning to a cashless economy promotes transparency, fair play, and modernization, contributing to the overall prosperity of the community.

What socio-economic benefits are expected from Visa's expansion of partnerships and commitment to driving the cashless economy in Southeast Europe?

Visa's expansion of partnerships and commitment to driving the cashless economy in Southeast Europe are expected to bring about significant socio-economic benefits, including financial inclusion and economic growth in the region.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

SaaS Governance Tightens amid Decline in Shadow IT: Report

SaaS governance strengthens as shadow IT declines - Report reveals significant reduction in unauthorized SaaS tools within organizations.

Israel’s AI Military Tactics in Gaza Cause Unprecedented Civilian Toll

Israel's AI military tactics in Gaza causing unprecedented civilian toll raises concerns among UN experts, highlighting destruction and loss.

Global 3D Imaging Market Revolutionizes Industries: Key Players Include Panasonic, Sony, Trimble

Revolutionize industries with Global 3D Imaging Market- Key players include Panasonic, Sony, Trimble. Explore growth opportunities now!

Master Machine Learning Integration in Quantitative Finance: Uncover Emerging Trends and Predict Market Uncertainty

Master Machine Learning Integration in Quantitative Finance: Uncover emerging trends, predict market uncertainty, and drive enhanced value.