MIA instant payments system of Moldova to have new module facilitating payments from consumer to business

Chisinau, 26 July /MOLDPRES/ - Representatives of the business environment for the first time ever experimented the carrying out of instant payments through the MIA payments system – a new module which facilitates the payments from consumer to business, which will be soon launched. The system became functional four months ago and at the first stage it gave private people possibility to make P2P transfers based on the mobile phone’s number.       

The innovative solutions of accepting payments for products and services are  created with the support of the Institutional and Structural Reforms Programme of the United States Agency for International Development (USAID) by the companies Paynet, QSystems and RunPay, carried out based on a contest of grants.  

The solutions developed are connected to the MIA instant payments system of the National Bank of Moldova (BNM) and will give businesses possibility to use advantageous ways of collecting payments through the scanning of a QR code, an online payment button or through the transmission of a payment request. These new instruments and ways of instant payment will be available for all holders of accounts of payments at the bank and non-bank providers of payment services from Moldova.   

The new digital financial solutions will contribute to the simplification of payments, especially for the electronic trade, small traders, small- and medium-sized producers and providers of services.   

The instant payments from consumers to businesses provide multiple benefits to entrepreneurs, such as the low commissions for the acceptance of payments, as well as immediate access to funds. At the same time, the introduction of new technologies, such as payments through QR code or through the omitting of payment requests, will improve the efficiency, security and comfort of the financial transactions, generating opportunities of growth and innovation in the financial sector, facilitating the financial inclusion and the economic development.     

At the event on unveiling solutions of payment from consumer to business, Head of the USAID Mission in Moldova Jeff Bryan said these initiatives were important for the transformation of Moldova’s financial system, as well as for the backing of the developing businesses and the innovation of the relations with the consumers.     

The MIA instant payment system, developed by BNM, was initiated with the support of USAID in last March. This payments system at the first stage gave possibility only to private people to make P2P transfers based on the mobile phone’s number. As early as four months after the launch, over 200,000 people make payments through the MIA instant payments system.