19.09.2024.

Instant payments growth continues in Q2

There were 21.1 mn payments executed in the NBS IPS system in Q2 2024, which is a rise by 29.2% from Q2 2023. The value of payments came at 248.3 bn, up by 42.9% y-o-y. Relative to the quarter before, the number and value of payments rose by 7.8% and 18%, respectively. This means that the trend of consecutive q-o-q and y-o-y growth continued.

In Q2 2024, the average transaction value amounted to around RSD 11,780 and the average daily number of payments measured 231,649 – over 52 thousand more than in Q2 2023. A new record of the average daily number of payments was posted on 15 May when 432,875 payments were made, which is an increase by 48,252 from 15 April when the previous record was set.

At end-Q2 2024, close to 800 thousand users were registered for the Transfer service – simple and fast money transfer using only the mobile phone number. The number of executed transfers doubled from Q2 2023. Registration for this service is very simple and fast in the very m-banking application. For more information on how to register and on other advantages, visit the NBS website, section It’s good to know – Transfer service.

In addition, citizens can use instant payments service for paying taxes and fees for the services of the Ministry of Interior and Tax Administration via e-Government portal – ePay, by scanning the NBS IPS QR code presented on the unique payment form generated at this portal (more information about this piece of news is available on the following link).

Apart from making instant credit transfers to any payee with a current account in a bank, the NBS IPS payment system enables the following:

  • payment of monthly bills for utility and other services by scanning the unique NBS IPS QR code printed on the bill/invoice;
  • payment at brick-and-mortar and online points-of-sale using the IPS Scan and IPS Show options;
  • payment by IPS Scan at online points-of-sale, where payment is executed via deep link technology in a few clicks[1];
  • payment using the Transfer service – a designated payee’s code, i.e. mobile phone number [2];
  • the Generator/Validator services (available on the NBS website) which enable the generation (technical preparation) and validation (technical verification) of the NBS IPS QR code.

Accurate and up-to-date information on instant payments and the advantages of this state-of-the-art and fastest type of payments can be found at IPS (Instant Payments Serbia) website.

A graphic overview of data on the provision of payment services and the issuance of e-money for Q2 2024 is available on NBS website | Statistics. 

[1] At end-June 2024, fifteen banks provided the service using the deep link technology.
[2] At the time this press release was published, thirteen banks provided the Transfer service. The list of banks offering this service can be found at: https://ips.nbs.rs/en/pregled-usluga.

Payment System Department