October 22 (SeeNews) - Serbia's central bank said on Monday it launched an instant payment system to facilitate money transfers in the country.
The system will work 24/7, allowing transfers of up to 300,000 dinars ($2,900/2,500 euro) per transaction within just a few seconds, the central bank, which will operate the system, said in a statement.
Customers will be able to carry out payment transactions via counters, mobile and electronic banking applications, as well as at the points of sale at retailers, the central bank said.
The fee for executing a transfer order through the system was set at 4 dinars. In case of payment at the dealer's point of sale, a fee of 1 dinar is charged to the merchant bank for payments of up to 600 dinars and 2 dinars for payments of more than 600 dinars.
In addition to the mentioned fee, the merchant bank will also pay an interbank fee, which cannot be higher than 0.2% of the amount of the payment transaction at the dealer's point of sale.
Commercial banks will be obliged to offer at least one instant payment channel to their clients, while from April 1 next year they will need to provide instant payments options for all available channels.
(1 euro = 118.398 dinars)