Serbia Cards and Payments – Opportunities and Risks to 2026

Serbia Cards and Payments Market Report Overview

The Serbia cards and payments market size was valued at USD9.5 billion in 2022 and is expected to achieve a CAGR of more than 16% during 2022-2026. Improved payment infrastructure, rising awareness of payment cards, enhanced security, and the growing adoption of contactless payments will drive the market growth in Serbia. The country’s payments market is evolving with new technological innovations and the launch of various banking and payment services. This is further supported by government initiatives to improve banking penetration, increase financial knowledge among citizens, and provide incentives such as discounts and cashback to promote electronic payments. The gradual adoption of contactless payments and further e-commerce growth is expected to boost card payments over the projected period.

The Serbia cards and payments market research report provides a detailed analysis of market trends in the Serbia cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, credit transfer, cards, mobile wallets, cheques, and direct debits during the review period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Serbia Cards and Payments Market Outlook 2022-2026 ($ Billion)

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Serbia Cards and Payments Market Dynamics

Contactless payments are increasingly gaining prominence in Serbia since the COVID-19 pandemic. Growth in ecommerce has accelerated card payments in the country. According to the National Bank of Serbia (NBS), 19.1 million online transactions were completed in the first half of 2022. To capitalize on the growing market, courier service providers are accepting payments via cards instead of cash on delivery. For instance, in October 2022, Serbia-based courier service provider D Express partnered with Mastercard to offer card-on-delivery payments using Mastercard-branded cards.

Furthermore, to benefit from the growing preference for alternative payments, Google Pay was launched in Serbia in August 2022, enabling consumers to make contactless in-store payments as well as online purchases. The solution is compatible with Mastercard and Visa payment cards.

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Serbia Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Serbia cards and payments market are cards, credit transfers, cheques, and direct debits. Cards are widely used for both online and in-store payments. High awareness of payment cards, well-developed payment infrastructure, and strong merchant acceptance have driven the popularity of card payments in the country. Moreover, the gradual adoption of contactless payments and further ecommerce growth are expected to boost card payments.

Serbia Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Serbia Cards and Payments Market Segments

The key card-based payments in the Serbia cards and payments market are debit cards, credit cards and charge cards. Debit cards are the most popular payment card type in Serbia supported by a growing banking population and the government’s financial inclusion initiatives. The introduction of basic bank accounts, rising consumer awareness, banks offering contactless debit cards, and the expansion of the country’s POS network are further supporting uptake and usage of debit cards. However, the credit card market has yet to gain traction, primarily due to the debt-averse nature of Serbian consumers.

Serbia Card-based Payments Market Analysis by Segments, 2022 (%)

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Serbia Cards and Payments Market - Competitive Landscape

Some of the leading card issuers in the Serbia cards and payments market are Intesa Sanpaolo, Raiffeisen Bank, Eurobank, NLB, OTP Bank, Erste Bank, UniCredit Bank, AIK Banka, Komercijalna Banka, and Société Générale Group among others.

Serbia Cards and Payments Market Report Overview

Segments Covered in the Report 

Serbia Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

• Cards
• Cheques
• Credit Transfers
• Direct Debits 

Serbia Card-based Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

• Debit Cards
• Credit Cards
• Charge Cards

Scope

This report provides:

• Current and forecast values for each market in the Serbia cards and payments industry, including debits and credit cards
• Detailed insights into payment instruments including cash, cheques, cards, credit transfers, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Serbia cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards
• The competitive landscape of the Serbia cards and payments industry

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Serbia cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Serbia cards and payments industry.
• Assess the competitive dynamics in the Serbia cards and payments industry.
• Gain insights into marketing strategies used for various card types in Serbia.
• Gain insights into key regulations governing the Serbia cards and payments industry.