Number of banking cards in Albania passes 1 mln threshold

The number of cards issued by Albanian financial institutions has passed the threshold of one milion units.

More precisely, according to data from the Bank of Albania, at the end of September 2017 the number of active cards has reached 1 million and 38 thousand.

In the last five years, the number of cards has increased by 35%, which shows the significant expansion of the use of banking instruments by the Albanian public.

Today, approximately one in three Albanians owns a bank card.

Card Director at Credins Bank Almida Asllani says the use of cards by the Albanian public is growing, while the range of products offered by commercial banks is on the rise.

Credins Bank has recently introduced MasterCard Contactless cards for the first time, enabling simplified payments without physically placing them in electronic sale points.

In fact, account-related debit cards are a common instrument for more than a decade.

Formalization of salaries and banking system investments in payment infrastructure have made the majority of Albanians familiar with this instrument.

Over 84% of the cards are debt instruments linked to the current accounts of individuals.

In relation to developed markets, the huge growth potentials are in genuine credit products such as credit cards.

SCAN

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