December 16 (SeeNews) - Montenegro's central bank, the CBCG, has launched a project for the introduction of an instant payment system that will be completed by the end of 2023, it said.
The central bank aims to deliver an instant payment system enabling citizens to perform payment transactions quickly and securely without cash or payment cards, while sellers of goods and services will have the money available immediately, the CBCG said in a statement on Wednesday.
The central bank will establish a working body to monitor and coordinate activities and the tender for the first phase of the project, to be carried out with the World Bank's technical assistance, will be announced in March 2022.
In the next five years, the instant payment system should contribute to reduction of cash payments by a fifth compared to 2020, the central bank noted.