Moldova 2025

Market Overview
Payment Organisation	MoldMediaCard
Domestic Card Brand	None.
Market Structure	Moldovan retail banks issue cards with one of the Mastercard or VISA brands.  While ATM transactions are the dominant form of card use, POS payments are growing fast, showing a CAGR of 54.85% between 2019 and 2023. Over the same period, ATM withdrawals grew by a CAGR of 4.71%.  Card use in Moldova is still one of the lowest in the world. In 2023, there were 45.5 card payments per capita.  Cash is the dominant means of exchange, with credit transfers for corporate payments. Direct debits were launched in 2003.  In June 2014, Moldova and the EU signed a formal association agreement with the objective of postponed EU membership.  In 2015, NBM withdrew the license for financial activities of three banks and initiated the process of their forced liquidation.
Notable Market Trends	Rapid rollout of contactless cards and POS terminals; 3D-Secure combined with a dynamic single-use code. In 2021, due in large part to the impact of the COVID-19 pandemic, the number of remote card-not-present transactions in Moldova recorded a large increase of nearly 42%, and total value rose by over 57%. By 2023, there was a sustained rise in remote CNP transactions as the number and value of these transactions rose by a respective 4.9% and 26.6%.
Major Card Issuers	Moldova-Agroindbank, Victoriabank, Mobiasbanca
Major Card Acquirers	Moldova-Agroindbank, Victoriabank
Major Card Processors	MoldMediaCard (MMC).

Key Statistics 2023
Population	4.02 million, 0.82 cards per capita
Cards	3,292,564
Card Payments	All cards: 183.02 million; value MDL 60.71 billion ($3.48 billion)
POS Terminals	36,709
POS Payments	All cards 174.40 million; value MDL 57.76 billion ($3.31 billion)
ATMs	1,243
ATM Withdrawals	All cards: 33.38 million; value MDL 97.09 billion ($5.57 billion)

Introduction – Payments in Moldova

Moldova is a parliamentary republic with a unicameral Parliament (Parlamentul). It is a member of the Commonwealth of Independent States (CIS), the Organisation for Democracy and Economic Development (GUAM) and the Organisation of the Black Sea Economic Cooperation (BSEC) and is an observer of the Eurasian Economic Community (EurAsEC).

About two-thirds of Moldova’s population is engaged in agriculture, while 20% of the labour force work abroad and remit around one-third of Moldova’s GDP back home, equivalent to $1.62 billion in 2023.

Wedged between Romania and Ukraine, Moldova gained independence with most of the rest of the Soviet Union in 1992 and remains one of the poorest countries of the region. Moldova formed part of Romania until annexed by the Soviet Union in 1944, and retains strong links, including a common language. Today’s Moldova includes Transnistria, the territory unrecognised by the international community located on the border between Moldova and Ukraine, with a substantial ethnic Russian population.

Russia has urged a policy of neutrality on Moldova and may attempt to frustrate Moldova’s integration with the EU.

Moldova is only just starting the process of payment digitisation, with many of its banks only rolling out internet banking and mobile payment services in the last few years. Digital wallets and advanced payment services are yet to gain traction. As such, card transactions are traditionally split between POS payments and cash withdrawals, although POS payments now comprise the bulk of card transactions.

But in a promising sign, mobile phone penetration (at a high 84.79% of the population) will likely be the driver of Moldova’s digital payment development over the next few years, aided by a stabilised banking sector which is receiving ongoing support from the EU for structural reforms, transparency, and competition.

Banking Sector

Established in 1991, the National Bank of Moldova (NBM) is an autonomous institution operating in accordance with the 1995 Law on the National Bank of Moldova. The NBM’s Department of Banking Regulation and Supervision supervises the banking sector within Moldova.

Moldova’s progress toward membership of the EU, instigated in January 2010, took a major step forward in June 2014 with signature of a formal association agreement. With EU support, Moldova undertook work on domestic reforms in areas such as the judicial system and anti-corruption measures. The banking system and its regulation are also a key element of the process, which required Moldovan banks to adopt EU standards of governance.

On March 3, 2022, the Moldovan Parliament submitted an application for admission to the EU, following the examples of Ukraine and Georgia. On June 23, the European Council granted EU candidate status to both Moldova and Ukraine, based on the recommendations of the European Commission on June 17, 2022. Both countries received candidate status in an unprecedentedly short amount of time, having previously been parties to the EU Association agreement. Furthermore, in February 2023, the EU Commission published the second part of its opinion on the Republic of Moldova’s application for membership in the EU. This report analyses the country’s level of preparation in terms of the standards submitted to EU Member States and assesses the situation according to an evaluation system of the European Commission. The analytical report reflects the situation in H1 2022, with the progress made since then to be reflected in the report on EU enlargement policy to be published in autumn 2023. In November 2023, the European Commission issued a recommendation to open accession negotiations with Moldova. In December 2023, EU leaders decided to open accession negotiations with Moldova and invited the Council to adopt the negotiation framework once the relevant steps set out in the Commission’s report were taken. In March 2024, EU leaders welcomed the progress made by Moldova on its path to EU membership.

In 2019, the EU approved a new package of budget assistance for Moldova to drive reforms. In June 2021, a further €600 million economic recovery package from the EU was announced, to be dispensed over a three-year period. The plan is conditional on judicial and anti-corruption reforms to encourage foreign investment. In total, Moldova has received a Comprehensive Support Package worth €1 Billion since October 2021 from the EU with Energy Support of about €200 million disbursed in winter 2022 to 2023 as Moldova was significantly impacted by the elevated energy prices.

In 2016, the economy of the Republic of Moldova showed the first signs of recovery, but continues to be vulnerable to a number of internal and external factors: the reciprocal sanctions between the Russian Federation and the European Union, the restrictions imposed on the import of certain agricultural products in Moldova by the Russian Federation and the recession in this country, the Ukrainian crisis, the banking sector problems, the continuous reduction of the volume of money transfers of individuals from abroad.

GDP contracted by 7% in 2020 from 2019, largely due to the impact of the COVID-19 pandemic. The contraction of economic activity was registered in most sectors of the national economy, except for the financial sector and the construction sector, which recorded positive dynamics. By 2021, GDP had recovered and grew by 13.9%, a record rate of growth, driven by increasing household consumption and rising inflation. However, in 2022, Moldova’s economy plunged back into a recession by the regional energy crisis and supply chain disruptions resulting from the war in Ukraine. As a result, the economy contracted by 5.9% in 2022 given the country’s heavy reliance on imports for food and energy especially on natural gas imported from Russia. The agricultural sector of the economy suffered from drought and other sectors including manufacturing suffered from rising energy prices and industrial production fell by 5.1%. By 2023, Moldova’s GDP edged up by a marginal 0.7% as spillovers from the war continue to hinder growth. Growth was mainly driven by the agriculture sector’s strong rebound from drought as the industry and services sector faced contraction. In 2024, GDP growth is forecasted at 2.2% to be driven by rising real wages, a positive fiscal impulse, and subdued inflation. During 2020, the annual inflation rate showed a sharp downward trajectory, with the average annual inflation rate standing at 3.8%. By 2021, inflation rose by 5.1%. As food and energy prices surged following the geopolitical tensions between Russia and Ukraine, prices in Moldova worsened. This is not only because of Moldova’s physical proximity to the two countries but also because of its inherent vulnerabilities as a small, landlocked economy with close linkages to both Ukraine and Russia. Hence, inflation rose sharply to an average of 28.7% in 2022. Annual inflation rate tapered to 13.4% in 2023 due to stabilising food and energy prices, tight monetary policy and base effects at the beginning of 2023

The Moldovan Banking Wars – Moldovan banks are notorious for hiding their true ownerships behind secretive structures in which shares are held by shadowy offshore corporations. Moldovan law requires that anyone owning more than one percent of a bank’s share capital be identified and approved by the Moldovan National Bank (MNB).

Some Moldovan banks get around this by employing “consortiums” of anonymous offshore companies, each of which holds 0.99% or less. The MNB suspects that many of these consortiums are controlled by one individual or group, intentionally skirting Moldovan law.

The NBM has taken actions against failing banks, closing several since 1996. Politics and banking in Moldova during 2013 were dominated by developments at Banca de Economii (BEM), where mismanagement and political interference, including large-scale embezzlement, were widely alleged and reported in the Moldovan media. BEM, as the former savings bank, had the largest national network and a substantial government shareholding (see below). In 2015, the BNM revoked BEM’s licence, and the bank entered into liquidation in 2016. As of mid-2022, BEM was still in the liquidation process, along with Banca Sociala and Unibank.

Also, during 2013, the affairs of Moldova Agroindbank (MAIB) and Victoriabank became the subject of scrutiny when shares changed hands without the central bank, BNM, being able to identify the beneficial shareholders. Legal and regulatory changes have been proposed to enforce transparency.

In 2015, NBM withdrew the licence for financial activities of Banca Sociala, and Unibank and initiated the process of their forced liquidation.

In October 2016, NBM decided that a group of MICB shareholders were acting in concert in earlier acquisitions and controlled 63.89% of the bank capital but had failed to obtain prior approval from NBM and thus violated the Moldovan Law on Financial institutions. Fourteen individuals and five firms were obliged by NBM to sell out their shares.

In the years leading up to 2018, Moldovan individuals acting within and outside the formal banking system were caught and charged as leaders of international money laundering and “scam” operations, including the Dridex Malware (2015), launched in conjunction with Russian criminals, and the “GozNym” malware which resulted in $100 million of thefts from account holders in Russian-speaking countries. A 2015 estimate from the World Bank suggested that 12.5% of Moldova’s GDP had been embezzled from the banking system.

In March 2020, two current and two former senior National Bank of Moldova officials were arrested on suspicion of involvement in the $1 billion theft in 2014-2015 from the banks Banca de Economii, Banca Sociala and Unibank.

In mid-2020, the Moldovan government decided to overhaul the supervision of Moldova’s financial sector, by bringing non-bank financial institutions under the NBM’s supervision. This was the concluding step in efforts to establish consistent supervision and regulatory standards across all market segments issuing loans to Moldova’s economy. As of 2020, banking reforms led to shareholders of all 11 banks in Moldova being verifiable.

Structure

In 2023, the banking sector included 11 banks licensed to operate in Moldova of which five are branches of foreign banks and financial groups. The Moldovan banking sector is relatively small and highly concentrated.

Most of the country’s banks are privately owned. By end-2023 the leading banks were Moldova Agroindbank, Moldindconbank, and OTP Bank (Mobiasbanca). The three banks account for 68.03% of the banking sector’s total assets.

Among the foreign investors in Moldovan banks include banks from Italy, Hungary, Romania, as well as the European Bank for Reconstruction and Development (EBRD), and corporate investors from Germany, the Netherlands, Bulgaria, Austria, UK, Greece, Iraq and Russia. Out of the total number of banks, four banks were 100% owned by foreign investors (including three branches of banks, and foreign financial groups Eximbank, ProCredit, and BCR, while six banks were partially owned by foreign investors. One bank was fully Moldovan owned.

At the end of 2023, Moldova-Agroindbank, Moldindconbank, OTP Bank, and Victoria Bank comprised 82.1% of total bank assets.

The territorial network of banks continued to shrink in 2023, amounting to 557, of which 283 were branches and 274 were agents.

1 - Main Moldovan Banks 2023
Bank	Ownership	Total assets (MDL m)	Market share
Moldova Agroindbank (MAIB)	HEIM Partners: 31.54%, Other investors: 68.5%	53,343	34.65%
Moldindconbank (MICB)	DOVERIE UNITED-holding: 77.63%, local and foreign private investors	31,059	20.18%
OTP Bank (Mobiasbanca)	OTP Bank Nyrt: 98.35%, others	21,404	13.90%
Victoriabank	VB Investment (NL): 72.19%, Moldovan investors: 27.81%	21,737	14.12%
ProCreditBank	ProCredit Holding 100%	6,392	4.15%
Eximbank	Intesa Sanpaolo Group S.P.A 100%	5,149	3.34%
other five banks		14,857	9.65%
Total assets - all banks		153,941	100.00%
Source: NBM, individual bank reports.

Moldova Agroindbank (MAIB), the largest bank, is engaged in retail and corporate banking and reported a network of 103 branches and agencies. At the end of 2023, MAIB reported 1,021,000 retail clients, 36,664 SME clients and 552 corporate clients. MAIB controls MoldMediaCard, the main local card processor, with 99% of the shares.

In 2023, the bank held shares of 33.95% of total Moldovan banking system assets, a 33.7% market share of retail loans, and a 34.8% market share of retail deposits.

When ownership details were made available as at end-2012, MAIB was owned mainly by Moldovan private shareholders and controlled by its management, who held nearly one-third of the shares; several Slovenian shareholders, including Factor Banka, accounted for another 20%. In 2019, the bank announced a new shareholding structure, with the investment consortium HEIM Partners acquiring 41.09% of the bank’s shares. The consortium consists of the European Bank for Reconstruction and Development (EBRD), Horizon Capital and Invalda INVL as financial investors.

Moldindconbank (MICB) was owned by over 900 Moldovan shareholders, none of which held more than 1% of the shares when ownership details were made available in 2012. In February 2019, MICB sold 63.89% of its share to the Public Property Agency. Subsequently, in March 2019, during a stock exchange auction, the company Doverie-Invest of Bulgaria acquired the 63.89% stake. Doverie-Invest acquired another 13.73%, as of December 2019, holding 77.63% of the bank’s shares.

Until February 2020, MICB was under the supervision and early intervention regime of the NBM. By the end of 2020, MICB was acquired by Doverie United Holding, which led to the intervention regime being ended, and operations being fully restored. MICB recommenced a process of modernisation which had been stalled in previous years due to the bank’s uncertain economic viability.

Originally a state-owned bank focused on infrastructure, it became a universal bank in 1991 and has developed into retail banking. In 2023, MICB’s bank network included 70 branches and 63 agencies, serving more than 1 million customers, 274 ATMs, and 9,973 POS terminals (8,819 Installed at merchants and 1,154 installed at partners). In 2023, MICB held a 20.18% market share of total Moldovan banking system assets, 24.2% of Deposits, and 24.2% of Loans.

Victoriabank is the biggest foreign-controlled bank. It had 30 branches and 38 agencies as at end-2023, and there were over 291,500 active customers, up from 249,353 in 2012.

In 2023, VB Investment Holding (NL), owned by EBRD: 38.18% and Banca Transilvania (RO): 61.82%, was with 72.19% the major shareholder of Victoriabank. Victor Turcan, the bank’s chairman holds 10.76% and other Romanian investors hold the balance. VB Investment absorbed the 12.5% stake of Alpha Bank Romania, the subsidiary of Alpha Bank Group of Greece and, in 2018, the 39.2% of the shares held by the Cyprian-registered Insidown Ltd that sold its stake to Banca Transilvania (RO). As a result of these changes, Victoriabank was relieved from the intensive supervision regime it had previously submitted to under the National Bank of Moldova.

OTP Bank Moldova (Mobiasbanca) was controlled since 2007 by Société Générale, which held 67.85% of the shares, with a further 20% held by BRD, its Romanian subsidiary. In July 2019, Société Générale and BRD sold their shares to OTP Bank Nyrt of Hungary, which now is the majority shareholder with 98.26%. In mid-2021, Mobiasbanca was renamed OTP Bank Moldova.

As of 2023, OTP Bank served about 164,000 customers through 54 branches, 64 cash-in ATMs, and 85 cash-out ATMs. The ATM network comprised 149 units in total.

Since joining the OTP Group in 2019, the bank has experienced a constant exponential evolution, reaching the top three of systemic banks by volume of loans, with a share of 11.7%, by volume of deposits attracted, with a market share of 14.6%, and by share of assets in the banking system with a share of 13.9%

Eximbank had been 100% owned by Gruppo Veneto Banca (I), since 2006. However, in June 2017, Italian Intesa Sanpaolo Group took over Eximbank from Gruppo Veneto Banca for one euro, effective from 2018. Eximbank reported 17 branches and five agencies in Moldova as at end-2023. The bank had over 33,000 active customers at the end of 2023.

Erste Bank (A), through its subsidiary Banca Comerciala Romana (RO), has set up a wholly owned subsidiary, Banca Comerciala Romana Chisinau, in Moldova.

Digital Banking

All retail banks in Moldova offer online banking and mobile banking apps to their clients. Services available include balance and transaction reporting. To date, though, the take-up of online banking in Moldova remains low compared to other developing Eastern European markets. As of 2023, 3.7 million Moldovans were internet users, giving a penetration rate of 93%.

It is estimated that 40% of all Moldovan bank clients were online banking users at end-2021. Mobile banking adoption is estimated at 22%.

Table 2 shows the emerging penetration of communication infrastructure for banking services. At the end of 2023, Moldova had a mobile phone subscription penetration rate of 131%, with as many as 60% of users accessing the internet via mobile phone.

2 - Communications in Moldova
(000s)	2018	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Fixed telephone users	1,108.2	1,071.5	1,027.7	1,000.0	951.0	847.0	-10.94%	-5.23%
Mobile phone users	4,101.0	4,108.0	4,108.0	4,706.0	5,127.0	5,184.0	1.11%	4.80%
Mobile phone subscriptions per 100 population	115.8%	116.2%	110.9%	127.4%	127.4%	131.0%	2.81%	2.50%
Source: National Bureau of Statistics of Moldova, ITU.

There is no bank-independent electronic banking standard in Moldova; each bank offers its own proprietary system for banking purposes. As part of its Electronic Governance Centre initiative, the Moldovan government has launched an e-Payment Gateway, enabling the payment of public services via payment card, online, and via mobile.

MAIB – In 2023, MAIB reported that the total number of MAIBank internet and mobile banking users grew by 37.4% to 591,000 during the year, making it the leading banking application on the Moldovan market. MAIB disbursed more than half of loans (56%) and collected almost two-thirds of retail deposits (66%) via MAIBank. Of this number 69% were Monthly Active Users (MAU%), and the ratio of retail DAU to MAU (DAU/MAU%) was 36%. MAIBank customers performed a total number of 13.99 million MAIBank operations in 2023, from 9.36 million operations in 2022.

In 2023, MAIB launched digital onboarding for customers in Moldova, allowing people to become a customer without ever visiting a bank. The process does not require a digital signature and is instead enabled by MAIB’s own Face ID and Verification features. Security measures embedded with MAIBank application match the photo with the government database, enabling an automatic Know Your Customer (KYC) check. MAIB’s digital onboarding is by far the most advanced, speedy and convenient on the Moldovan banking and financial market.

OTP Bank Moldova (Mobiasbanca) – In February 2013, Mobiasbanca launched its online banking service, eMobias.md. In 2019 an updated version of its MobiasSMS mobile banking service was launched. Internet banking for businesses was also introduced to encourage online payments. In 2020, Mobiasbanca accelerated digitisation efforts, with the need for online banking tools intensifying during the pandemic, speeding up the launch of internet and mobile banking at the end of 2020. Mobiasbanca introduced an electronic bank guarantee with a pilot project being the only bank on the market having those solution. The digital signature allowed the bank to continue issuing bank guarantees.

In 2021, the renamed OTP Bank Moldova implemented new internet and mobile banking solutions, with its mobile app gaining 47,000 customers during its first year of operation. According to the bank, it is the only solution in Moldova that allows the management of personal and business bank accounts in a single app. OTP Bank also began developing a self-service banking channel through its ATM network. The bank also signed a strategic partnership agreement with the VISA payment system. In 2022, OTP Bank began migrating to a new information system and card processing centre. In 2022, the Bank continued the development of its Internet and Mobile Banking solution, launched in 2021. This remained the only solution in the banking market in the Republic of Moldova, which allows the management of personal and business bank accounts in a single application, accessible from anywhere in the world and from any Internet-connected device. In 2023, the Bank continued to improve the “OTP Internet & Mobile Banking” service, and in November 2023 another software token solution was installed which is PSD2-compliant and enables Quick/momentary login/authorization of payments without the Token application, by entering the access code or biometrics.

Moldindconbank – In 2019, Moldinconbank launched new functionalities in its web and mobile banking services, including money transfers, account management, and SMS notifications. During 2020, the pandemic contributed to the increase in MICB’s digital banking services by 70%, compared to 2019. The total number of P2P transfers in 2020 (including web banking, mobile banking, and bank ATMs) amounted to above 277,000 transactions, reaching a value of MDL 527 million, which is about 171% higher compared to 2019. During 2020, MICB also implemented mobile and web banking, 3D-Secure, mobile P2P transfer services, and a VIP card package for VISA and Mastercard Platinum and World Elite cards.  MICB also launched the GarminPay contactless payment service. In 2021, MICB continued the implementation of its transformation strategy, including the process of changing the bank’s core banking system, which was planned to be complete by the end of 2022. In 2023, the volume of non-cash transactions grew by 37% to approximately MDL 18 million and represented 39.2% of the total non-cash transactions in the Moldovan banking system. The Bank also implemented its ‘Instant card’ in 2022 – a free payment card that is processed in 3 minutes and can be used for similar transactions and payments as a regular card. In 2023, the bank successfully migrated to a new, modern, centralized core banking system solution – B2. This optimization facilitated process enhancements and centralized data across all branches, resulting in improved availability to 99.98%.

Eximbank – In 2019, Eximbank launched the Eximbank-Online Internet banking platform for individuals and businesses, along with online access to card accounts and mobile banking for individuals. During 2020, Eximbank focused on increasing usage of remote channels, and launched its first version of mobile banking in a test phase. The total number of customers using Internet banking increased almost three times, reaching the figure of 4,850, individuals and legal entities. This led to a constant monthly increase of 15-25%, both in terms of total volume and types of transactions, namely payments, transfers, and exchange operations.

The number of users who visited the official website of the bank reached 20,000 monthly users, of which more than 1,600 sought the advice of the financial banking consultant through the JIVOSITE platform. In 2022, the bank reached approximately 13 million impressions, 2.6 million accounts and generated over 149,000 clicks on the website. No update was provided for 2023. In 2021, Eximbank also launched its mobile banking app for retail customers and businesses.

Victoriabank – During 2019, Victoriabank updated its VB24 Mobile service with the ability to scan payment card numbers. Digitisation is a priority for Victoriabank. During 2020, the e-PIN service was launched, enabling customers to receive a temporary PIN code via text message. In 2020 Victoriabank launched Garmin Pay for Mastercard holders. It also launched P2P transfers for Mastercard cardholders to any card issued by another bank. Victoriabank expanded transfers through VB24 through card and current accounts, and enabled currency exchange directly in VB24 Mobile and VB24 Web. Western Union launched an online international transfer platform with Victoriabank.

In 2022, Victoriabank claimed to be a ‘Digital Bank’, with 80% of all customer transactions taking place digitally. In 2023, the number of active users of remote banking system increased, at the same time the bank saw a migration of customers from web-banking to mobile-banking. Hence, the number of active users of Web Banking declined by 4,900 to 24,000 users while the number of active users of mobile banking increased by 40,300 to 197,000. The total number of transactions via these channels increased by 21% and the total volume of payments increased by 10%. In 2023, the share of online deposits in the total number of online and over-the-counter deposits increased to 72% from 70% in 2022.

The bank also launched a couple of digital services including a service that allows sending money without a bank card number, online update of customer questionnaire (KYC), and a Digital Onboarding service. The bank also launched the most revolutionary debit card – SALUT and the 100% Online Credit that allows Express loans to be accessed simply and quickly online with a qualified advanced electronic signature.

In 2023, Victoriabank launched the first chatbot on the Moldovan banking market “ALEX” which revolutionize the interaction with Victoriabank customers, using artificial intelligence to help and guide customers in restoring the card PIN and blocking the card. In addition, the chatbot can answer questions and hold discussions on various topics related to the Bank’s services or products.

In 2013, the World Bank funded a $20 million project to create a Moldovan eID, which was implemented through the Public-Private Partnership (PPP) model. The concept of Mobile eID, also known as a mobile signature, works as an ID in the virtual world, allowing users to authenticate themselves in cyberspace, with the aim to prove their identity with the help of a mobile phone or electronically sign a legally binding transaction or document. The approval by the government of Moldova of the strategic e-Transformation programme further paved the way for eID implementation, by expressly stating that mobile electronic identity is “a means to ensure data integrity and security in e-service delivery and financial transactions.”

PSD2 and the Open Banking Mandate

During 2020, the NBM continued to align national regulations with EU rules, including the adoption of the necessary normative acts, which proposes transposition into legislation of the provisions of Directive (EU) 2015/2366 on payment services in the market, and the PSD2. In 2021, the NBM, jointly with the Ministry of Finance, went through a series of stages of the legislation process of the draft law. At the end of 2021, the bill was finalised to be promoted by the government and, subsequently, presented in parliament.

Payment Services

In 2024, the more than 300 different payment services offered in Europe can be grouped into:

• Card brands and card types
• E-Money and prepaid products by issued brand
• Account-based payment services by issued brands, e.g. IBAN-based SCT/SDD services
• Advanced payment services: e.g. wallets by issued brand
• Digital payment services: e.g. digital scheme wallets issued by brand

Card Brands and Card Types

All Moldovan retail banks issue cards. In parallel, development of payroll schemes continued to drive card usage.

The former domestic card systems, MoldCardSystem and Unicard, were phased-out by end-2009. MoldCardSystem was originally supported by Mobiasbanca, which since its acquisition by SocGen has committed to issuing international cards.

Moldovan card products like consumer cards, commercial cards and purchasing cards range from classic cards to gold cards and platinum cards. Additional card features (e.g. picture cards, bonus points, PIN selection at ATMs and card control by SMS notification) are used to attract cardholders. Also, individual picture cards and collector cards can be issued on demand. Further, card-to-card P2P services have been launched.

In 2019, EMV migration was completed.

From July 2023, banks and other card issuers will no longer issue Maestro cards. Instead, they will need to issue Debit Mastercards. Maestro was launched in 1991 and was the world’s first debit card that could be used via an online network. About 400 million Maestro cards are in circulation worldwide, mainly across Europe. However, Maestro is not enabled for the demands of e-commerce and cannot be used for online or in-app payments, hence the decision to phase it out in favour of Mastercard Debit products. Visa announced that Electron cards will be phased out globally in 2024. The features of the Visa Debit card have been modified to match the features of the Visa Electron card.

In 2021, Eximbank began the process of ceasing issuance of Cirrus, Maestro, and VISA Electron cards.

Debit cards issued are Mastercard, VISA, Visa Debit, Debit Mastercard, Maestro and Electron cards. There are no V PAY cards in circulation.

Credit Cards – The majority of credit cards are cards branded VISA or Mastercard. Moldova Agroindbank (MAIB) previously issued American Express cards until AmEx ended its European bank issuing partnerships in 2019.

Prepaid Cards – The Moldovan banks have started to issue prepaid cards, e.g. virtual prepaid cards for internet use.

Co-branded cards – In Moldova, just a few co-branded cards are in circulation. Victoriabank issues a co-branded VISA virtual card with mobile network operator Orange for internet use.

Contactless Cards and form-factors

From Q3 2014, the Moldovan banks started to issue contactless cards with a PayPass or payWave. As of 2023, contactless cards comprised 98.3% of the total number of cards in circulation, compared to 97.6% in 2022. Hybrid cards comprising chip and magnetic stripe cards had a share of 0.5%, declining 74.2% from 2022, while magnetic stripe-only cards comprised only three cards in 2023.

In 2023, most Moldovan banks issued contactless cards. Mobiasbanca launched a contactless debit Mastercard product during 2019, and its entire range of cards is now contactless.

In 2019 Victoriabank launched Garmin Pay available to VISA cardholders, making it the first to launch the technology in Moldova. In 2020 Victoriabank launched Garmin Pay for Mastercard holders.

Eximbank launched contactless bank cards in June 2019, including a VISA INSPIRE debit card. During 2020, Eximbank also expanded the roll-out of contactless technology, including replacing old chip cards with contactless ones and replacing old POS terminals with contactless-enabled terminals.

During 2020, Chisinau City Hall, Mastercard and MAIB launched contactless payment for public transport travel in the capital. Mobile terminals for accepting card payments have appeared in all 110 vehicles on the routes. Passengers can pay for their journey using a contactless card from any bank in Moldova and the world, issued by various payment systems, or a device with contactless payment function.

According to Mastercard research, 40% of Moldovans would like to pay for their journey specifically by card. In addition, more than 90% of retail payments in Moldova using Mastercard cards are already contactless, which indicates a persistent trend and a high popularity of the technology.

Predefined contactless limits – Contactless payments of purchase amounts below a predefined contactless limit are without PIN or signature and without transaction receipt. In Moldova, the contactless limit for payments without PIN/signature was set at MDL 500 for cards with PayPass or payWave function.

Interchange Fee Arrangements

International and Intra European Non-EEA Interchange Fees are set by the members of the international card schemes and are applied in cases of cross-border transactions or foreign cards used in Moldova. The effective rates of Mastercard and VISA Europe can be found on the respective Mastercard and VISA websites.

Domestic Merchant Interchange Fee (DMIF) for Moldovan cards is defined by Mastercard and VISA, respectively.

E-Money

Moldova is developing a draft Law on Payment Services and Electronic Money, which will be harmonised with the appropriate EU legislation.

E-Money in Moldova includes prepaid cards issued by banks and any type of prepaid products serviced by foreign e-money institutions, e.g. Austrian paysafecard services from Romania and Runpay services from Moldova.

As of 2023, there were seven registered e-money institutions in Moldova.

Digital Account-to-Account Payment Services 

In the Yearbooks, account-based payment services are classified as bank payment services on bank accounts offered by banks or by independent payment initiation service providers (PISP).

Credit transfers are the most commonly used cashless payment instrument in Moldova. High-value and urgent credit transfers are cleared and settled via the national RTGS system in real-time. Low-value (equal to or below MDL 50,000) credit transfers are processed via the DNS system on a same-day or next-day basis.

In 2023, there were 28.4 million credit transfers, of which 89.1% were in electronic format, compared to 74.4% in 2019, reflecting the increased digitisation of payment services in Moldova. The total value of credit transfers was MDL 648.6 billion in 2022, from MDL 539.9 billion in 2021. 89.1% of credit transfers were carried out in electronic format in 2022.

Direct debits are available in Moldova and used for low-value recurring payments such as utility bills. Direct debits are processed on an interbank basis via the NBM-operated DNS system; however, banks rarely use this facility. Direct debits are usually processed on an intra-bank basis.

In 2023, there were 150,600 direct debit transactions, for a total value of MDL 163.6 million, a 13.5% decline in volume and 5.1% in value respectively from 2022. There were 4,100 direct debit users in 2023, 12.8% less than in 2022.

As in many European countries, bank transfers have been adopted for online payments, enabling consumers to pay direct from their bank account as an alternative service to payment cards.

Advanced Payment Services

In the Yearbooks, advanced payment services are classified as online wallets, e-wallets, and/or mobile wallets with any type of payment service chosen by the wallet user to complete the payment.

In selected online shops, the wallets PayPal and Webmoney are offered as payment means.

PayPal – PayPal is now available in Moldova as of mid-2023 allowing users to send money and make transactions safely without fees for individual accounts. As of end-2023, PayPal reported 426 million active customer accounts globally, down 2% from 435 million in 2022. This consisted of 391 million customer active accounts and 35 million merchant active accounts across approximately 200 markets. PayPal’s total payment volume increased to $1.53 trillion (up 12% from 2022) and customer engagement grew to an average of 58 transactions per active account, driving 14% growth in transactions per active account at the end of 2023.

During 2020, with consumers worldwide embracing digital wallet capabilities, the company launched several related services including QR Code Checkout, Buy Now Pay Later, Crypto purchasing and Xoom direct transfers to bank accounts and debit cards.

In June 2018, PayPal continued its shopping spree with a $400 million cash deal to acquire e-commerce platform Hyperwallet. The acquisition followed deals to buy Venmo, Xoom, Sweden’s iZettle (renamed Zettle) for $2.2 billion and AI-based merchant marketing outfit Jetlore, as Paypal bids to extend its reach to all corners of the payments market.

In May 2022, PayPal Ventures invested in Modulr, an embedded payments platform for digital businesses, as part of a $108 million Series C funding round led by General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe. Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and processes an annualised transaction value of more than £100 billion. In 2023, PayPal is exploring the sale of Xoom, its international money transfer subsidiary, in a bid to cut costs and focus on high-growth business areas. Also, Stax Payments – an all-in-one payment provider for businesses – announced its partnership with PayPal in July 2023. This partnership will allow PayPal’s users to easily make payments with more than 20,000 merchants of Stax through a fast checkout process as well as new payment options such as Buy-now-pay-later solutions.

In 2023, PayPal launched its own US dollar-denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents and designed for digital payments and Web3. Eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets, send person-to-person payments, fund purchases at checkouts supported by PayPal, and convert cryptocurrency holdings to and from PayPal USD.

In January 2024, PayPal launched AI-powered features to drive personalized offerings for both merchants and customers based on the data it possesses. These features include Smart Receipts (for merchants) which predicts what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations, and cashback offers on this receipt. A major feature for users is CashPass which will use give users personalized cashback offers based on an AI analysis of their spending activity.

In March 2024, PayPal launched a complete suite of payment processing tools for online small businesses in the UK, Canada, and across more than 20 European markets. The PayPal Complete Payments package enables small businesses to accept an expanded range of payment instruments including PayPal, buy now pay later, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world. By April 2024, PayPal added new features to its complete payments solution for small businesses to enable small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. PayPal also gave small businesses access to four new features to help them drive payment acceptance and enhance how they run their business, and this will include Apple Pay as a checkout option.

Digital Account-to-Account Payment Services

In the Yearbooks, digital payment services are classified as card-based payment services using EMV tokenisation security on the internet combined with HCE NFC technology in the case of contactless payments at POS terminals.

As at mid-2021, the Click to Pay online payment checkout service replaced the previous MasterPass and VISA Checkout services respectively. Click to Pay is a joint service between Mastercard, Visa, Discover and American Express, enabling consumers to make secure one-click payments without having to enter card details or passwords online. As at mid-2022 Click to Pay was not supported by Moldovan banks.

Global contactless transaction values will reach $10 trillion by 2027, up from $4.6 trillion in 2022, with contactless mobile and wearable payments expected to grow by 221% and contactless card payments by 119% over the same period.

Contactless ticketing spend will increase by more than 440% globally between 2022 and 2027, with growing prominence and support for OEM pay solutions, such as Apple Pay, Google Pay and Samsung Pay being a key enabler for mobile NFC ticketing across many markets.

Overall growth in contactless transaction values will be catalysed by growing mobile payments adoption, with 99% of all smartphones capable of making contactless payments by 2027, up from 94% today, and average transaction values for Apple Pay reaching $28.20 and $33.40 for Google Pay.

Apple Pay has become one of the world’s most used digital payment methods. Its user base increased from 521.4 million to 535.8 million in 2023. By 2024, the total number of Apple Pay users was estimated at 640 million and is projected to exceed 700 million by 2027,

According to Apple’s Q2 last 2022, they saw a record of transactions with more than 1.8 billion processed during the quarter, up 40% year-over-year. This payment method is also available in over 90% of the US and 60% of stores globally.

Apple Pay is the #1 most popular digital wallet with a 92% market share, processing a global total of $6 trillion in payments in 2022 and produced a revenue of $1.9 billion.

As of 2023, Apple Pay processed 14.2% of all online consumer payments and 3.5% of all in-store purchases.

Around 51% of global iPhone users have enabled Apple Pay. There are 10 million Apple Pay-friendly contactless payment terminals worldwide.

The transactions made using Apple Pay are mostly in-store purchases, online transactions, and peer-to-peer payments. It is trendy for contactless payments, especially during the COVID-19 pandemic.

In 2024, an estimated 60.2 million Apple Pay users in the United States; projections indicate that over 75 million consumers will use Apple Pay by 2030.

Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple. In June 2022, Apple Pay added Apple Pay Later, its own buy-now-pay-later service, allowing users to split purchases into four equal instalments with no interest or fees. Initially launched in the US, the service is expected to roll out to other countries during 2023. In 2023, Apple launched its Card savings account from Goldman Sachs with a 4.15% annual percentage yield. Apple Wallet users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.

As of mid-2024, Apple Pay was available through MAIB, Moldindconbank, ProCredit Bank, Victoriabank, FinComBank, Eurocredibank, and Paynet Services in Moldova.

Google Pay has 150 million active users across 42 global markets. In 2022, Victoriabank launched three new wallets; Apple Pay, Google Pay, and Xiaomi Pay.

In January 2022, it was reported that the company was planning to transform Google Pay into a “comprehensive digital wallet”, following the app’s reported slow growth and the shutdown of Plex. In April, it was reported that Google was planning to revive the “Google Wallet” branding in a new app or interface and integrated with Google Pay. Google officially announced Google Wallet on May 11, 2022, at the 2022 Google I/O keynote. The app began rolling out on Android smartphones on July 18, replacing the 2018 app and co-existing with the 2020 Google Pay app in the US. While the app name itself was changed from Google Pay to Google Wallet, the service name of actually paying for things online or in-store remains “Google Pay.”.

In the US, Google Pay has over 25.2 million users.  Also, Google Pay is used on nearly 800,000 websites as a secure payment gateway. Roughly 20% of all mobile purchases are made using this digital payment processor. Google Pay ranks 3rd among mobile payment methods globally. In Russia, it has an online usage distribution of 35.18% and has recorded approximately 1,281,838 transactions online. Available in 19 countries, 30% of Google Pay’s active users are millennials. It is one of Canada’s top 5 online payment apps and is the primary mobile payment method for 2,193 businesses worldwide. In India, Google Pay boasts 67 million active users and holds 36.10% of the mobile application market. Its widespread adoption and significant market share highlight its growing importance in the global digital payment landscape.

As of 2023, Google Pay continues to expand its reach and user base, with significant growth observed across various global markets. Google Pay’s user base has exceeded 300 million globally, reflecting its increased adoption as a preferred payment method. The platform has also expanded its services, including integrating features like Google Wallet, which enhances the digital payment experience by allowing users to store more than just payment methods, such as IDs and tickets. This expansion aligns with Google’s broader strategy to transform Google Pay into a comprehensive digital wallet.

In 2024, Google Pay’s growth is expected to continue, driven by its presence in 42 markets worldwide, and its adoption in regions like India, where it remains one of the top digital payment methods with 67 million active users. Additionally, Google Pay’s integration with various online platforms and its use in 800,000 websites as a secure payment gateway highlights its growing importance in digital transactions.

In 2024, Google announced it will discontinue Google Pay in the US by June 2024, transitioning users to Google Wallet.

As of mid-2024, Google Pay was available through Moldindconbank, MAIB, Victoriabank, OTP Bank, ProCredit Bank, Eximbank, EuroCreditBank, FinComBank and Paynet Services in Moldova.

Samsung Pay is available in 29 countries worldwide and has an estimated 140 million users. Samsung Pay is not yet available in Moldova.

Samsung Pay works with Galaxy phones, including the latest Galaxy S22. Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe, and EMV (Europay, MasterCard, and Visa) terminals for chip-based cards.

In May 2020, Samsung Pay unveiled Samsung Money by SoFi, a mobile-first money management experience that makes available a cash management account and accompanying Mastercard debit card via the Samsung Pay app, in partnership with fintech company SoFi.

In June 2022, Samsung Pay was renamed to Samsung Wallet in the US, UK, France, Germany, Italy, and Spain. Along with the renaming came new features such as the ability to store digital assets and digital keys within the Wallet app.

Overview of Cashless Payments

Cash is the predominant method of payment in Moldova for both individuals and companies. Cash is by far the dominant means of exchange, with credit transfers for corporate payments. Direct debits were launched in 2003.

Cheques have never been used in Moldova.

Exchange Rates

The Moldovan leu (MDL) is the national currency (plural – lei).

3 - Average Exchange Rates
	2019	2020	2021	2022	2023
MDL in EUR	19.674	19.744	20.926	20.379	19.357
MDL in USD	17.575	17.320	17.682	19.158	17.406
Source: National Bank of Moldova.

Market Infrastructure

As part of its Electronic Governance Centre initiative, in 2013, the Moldovan government launched the Government e-Payment Gateway service, MPay, enabling the payment of public services by payment card, online and via mobile.

In accordance with the Strategic Plan of the National Bank of Moldova for 2013-2017, NBM had the objective to promote cashless payments and to reduce cash in circulation.

Another NBM project involves establishing an instant payment system, with tenders put out to the open market.

AIPS – The Moldovan Payment System 

National Bank of Moldova (NBM) is mandated by law to supervise AIPS, the national payment system. AIPS comprises an RTGS (real-time gross settlements) system for large amounts – mostly budgetary credit transfers – and a DNS (designated-time net settlement system) for smaller amounts.

Promotion of cashless payments is an official task of NBM. In 2011, the NBM worked with the World Bank to develop the Moldovan payment system further.

Tasks included “finalisation of the legal framework for modern payment services, the increase of consumer protection and increase of financial literacy of the population, creating the framework for cooperation in monitoring and promoting cashless payments.”

During 2021, the NBM began implementing payment system modernisation projects, including an overhaul of the DBTR high-value real-time gross settlement system and the CDN low-value settlement system, which both come under the SAPI scheme. At the end of 2021, 20 participants were registered in SAPI, including the NBM, 11 licensed banks, three non-bank payment service providers, the State Treasury within the Ministry of Finance, the central securities depository, and the deposit guarantee fund.

During 2021, through service providers of non-bank payments, 69.8 million transactions were carried out, down 7.7% compared to 2020, for the total amount of MDL 29.3 billion, 8.9% more than in 2020.

MoldMediaCard

MoldMediaCard (MMC) began operations in 2000. MAIB has held shares in MoldMediaCard since its founding, gradually increasing its shareholding in MoldMediaCard to 99% by 2020. Its services include processing of authorisation requests and clearing transactions, with some services outsourced to the Romanian processor, Romcard (2016: acquired by WireCard). It can provide processing services for cards branded VISA, Mastercard or American Express, including remote payments on the internet applying 3D-Secure standards. Also, MoldMediaCard can process recurring card payments, acquiring and issuance of contactless cards and cash-in terminals.

In 2013, MoldMediaCard extended its card payments capabilities to enable all VISA and Mastercard cardholders to pay mobile phone bills online. MoldMediaCard also became the first operator in Moldova to obtain certification for processing contactless transactions, both issuing and acceptance. In 2018, MMC announced that it would commence annual PCI DSS auditing and bi-annual PCI PED auditing of its networks to ensure compliance with international standards.

In 2023, MoldMediaCard processed 45% of all local transactions in Moldova and issued 41% of all cards in Moldova. The market share of ATMs connected to MoldMediaCard was 37% and the share of POS terminals was 45%. In 2022, MMC processed more than 98 million transactions from more than 1 million cards, 14,000 POS and ATMs, and 390 e-commerce merchants. In 2023, payment authorisations and clearing transaction on the cards increased by 17% and 55% respectively to MDL 268 million and MDL 152 million respectively.

Two more banks in Moldova recently joined Moldmediacard – ENERGBANK and EXIMBANK – opting for card issuance and payment acquisition via Moldmediacard solution, bringing the number of banks serviced by the system to four.

Card Issuers in Moldova – Overview 

Moldovan retail banks issue debit cards branded Debit Mastercard, Maestro or Electron, and delayed debit cards and credit cards branded Mastercard or VISA. MAIB is the exclusive American Express issuer.

The major issuers are Moldova-Agroindbank, Victoriabank, OTP Bank, and Mobiasbanca (SocGen). Table 4 illustrates the card brands issued by the leading Moldovan banks as of mid-2024.

4 - Leading Card Issuers in Moldova
Domestic Issuers	Issued Card Brands	Owned by
Moldova Agroindbank (MAIB)	Mastercard, VISA, AmExp; Debit Mastercard, VISA Debit	HEIM Partners: 31.54%, Other investors: 68.5%
Moldinconbank (MICB)	Mastercard, VISA; Debit Mastercard,VISA Debit	DOVERIE UNITED-holding: 77.63%, local and foreign private investors
Victoriabank	Mastercard, VISA; Debit Mastercard, VISA Debit	VB Investment (NL): 72.19%, Moldovan investors: 27.81%
OTP Bank (Mobiasbanca)	Mastercard, VISA; Debit Mastercard, VISA Debit	OTP Bank Nyrt: 98.35%, others
Eximbank	Mastercard, VISA; VISA Debit, Debit Mastercard	Intesa Sanpaolo Group S.P.A 100%
ProCreditBank	VISA; VISA Debit	ProCredit Holding 100%
other banks	Mastercard, VISA; VISA Debit,, Debit Mastercard	Private investors
Source: PCM research

Outlook – By mid-2024, Moldovan card issuers face the following notable challenges:

• Rollout of contactless cards and digital A2A payment services combined with mobile payment apps
• Implementation of 3D-Secure 2.0; launch of digital wallets, in-app payments, in-store payments
• Competition from card-less payment service providers: PISPs, AISPs, FinTechs
• Tokenisation security combined with HCE NFC and card credentials stored-on-file
• Open Banking ecosystem and demanded access to card accounts (XS2A)

Card Processors and PSPs

In Europe, the payment processing industry is composed of card processors, ATM/POS network hub processors, e-/m-payment service processors (PSPs), and specialised processors (e.g. CSM processors, TSM services).

In Moldova, card issuer processing services range from technical issuer processing, including card printing, to full cardholder processing services. They include all types of cards and card technologies allowing for card use at multiple channels (i.e. at ATMs, POS terminals, on the internet and in-store – mobile payments in the future).

Acquirer processing services in the country range from technical acquirer processing, including POS terminal services, to full merchant processing services.

Usually, ATM/POS network processing is part of acquirer processing while payments on the internet are routed by MoldMediaCard or specialised e-/m-payment service processors (PSPs) to the card acquirers and independent payment service providers (e.g. PayPal).

In Moldova, MoldMediaCard (MMC) is the leading card processor. The domestic commercial banks are the company’s clients. As of 2023, MMC cleared more than 152 million transactions and 268 million payment card authorisations annually, representing a respective increase of 55% and 17% from 2022.

Victoriabank is the only other card processor of note, using its in-house IT systems.

Victoriabank said in its 2010 annual report that it had upgraded its settlements system with VISA and Mastercard and joined the two national clearing systems. The bank said it tested Real-Time Risk Management Modules in issuing and would continue with acquiring modules.

Victoriabank launched VISA cards as long ago as 1997 and has operated its own processing centre since then, including third-party processing services to other banks. It signed up Comertbank and Investprivatbank during 2008.

During 2009, Banca de Economii and Mastercard launched Moldovan Lei Intracurrency Settlement Service with Mastercard for national settlement of lei-based transactions on Mastercard and Maestro cards issued by Moldovan banks, with Banca de Economii acting as settlement agent. With the implementation of this service, settlements previously performed in foreign currency by foreign banks are now affected in lei. All Mastercard members in Moldova are participating in the project, which was expected to reduce transaction expenses and help develop the card business further.

Likewise, in 2010, the now liquidated Banca de Economii launched Moldova National Net Settlement Service with VISA (MOL NNSS).

Online Payment Service Processors (PSPs) 

Online payment service processors (PSPs) are specialised technical processors for all kind of secure online payments and mobile payments. Some of them also offer virtual PSP platform services (VPSP) for bank acquirers who want to take advantage of a kind of ‘internet network processor’.

Online shops of merchants are directly connected by an API interface or a hosted payment page either to the internet payment gateway of a bank acquirer, or they are connected to multi-acquirers through a PSP.

PSPs usually partner with more than one card acquirer and payment initiation service providers. Core services offered by PSPs may include payment gateways to card acquirers and other online payment service providers, online payment processing, risk management services, and collection services for merchants.

Security technologies applied to ensure secure online card payments include EMV tokenisation and strong 3D-Secure (MCSC, VbV, SafeKey) combined with one-time tokens. For card-less payment services, the security technologies applied include userID/password combined with one-time tokens and online banking access with one-time TAN.

In Moldova, MolMediaCard (MMC) is the leading PSP.

Acquiring and Acceptance

In Europe, most acquirers offer multi-channel card acceptance and value-added merchant services at POS terminals, mobile MPOS terminals and online shops. The leading acquirers usually offer their services cross-border.

In addition, innovative acquirers also offer the acceptance of card-less payment services based on partner agreements with the issuer of those payment services (e.g. account-based payments, wallets, prepaid products).

Most acquirers either operate their own acquirer systems and ATM/POS/MPOS network service hubs, or they use the processing services of external processors. In order to service online merchants in Europe, they might operate their own PSP processing platforms or they co-operate with one or more specialised online payment service processors (PSPs).

From 2012, Eurasian acquirers compete in their home markets, cross-border in the CIS region, cross-channel at POS terminals and servicing online merchants. From 2016, innovative acquirers started to offer omni-channel and multi-payment acceptance.

By mid-2024, omni-channel acceptance includes the ability to service all channels (i.e. POS/MPOS terminals, mobile in-store, online shops, in-app), and to accept multiple payment means in all of these channels. Multi-payment services demanded by merchants include cards, online bank payments, online wallets, digital wallets, and prepaid products.

Outlook – By mid-2024, Moldovan acquirers face the following notable challenges:

• Rollout of contactless POS/MPOS terminals; Interchange++
• Complete acquirer service portfolio beyond cards, i.e. acceptance of card-less payment services
• Omni-channel payment acceptance: POS/MPOS, online, mobile in-app, mobile in-store
• Cross-border competition, omni-channel competition, finding PSP partners and PISP partners
• New security standards: e.g. 3D-Secure 2.0; tokenisation security, Strong Customer Authentication (SCA)

Moldova Agroindbank (MAIB) and Victoriabank are the leading Moldovan acquirers. Others include Mobiasbanca (SocGen), Moldinconbank and Eximbank. All banks acquire Mastercard and VISA brands. MAIB is the exclusive American Express acquirer. Table 5 illustrates the card brands accepted by the Moldovan acquirers as at mid-2024.

5 - Leading Acquirers in Moldova
Domestic Acquirers	Acceptance Brands offered	Owned by
Moldova Agroindbank (MAIB)	Mastercard, VISA, AmExp; Electron	HEIM Partners: 31.54%, Other investors: 68.5%
Victoriabank	Mastercard, VISA; Electron	VB Investment (NL): 72.19%, Moldovan investors: 27.81%
Moldinconbank (MICB)	Mastercard, VISA; Electron	DOVERIE UNITED-holding: 77.63%, local and foreign private investors
Eximbank	Mastercard, VISA; Electron	Intesa Sanpaolo Group S.P.A 100%
Note: all acquirers have own PSP services or cooperate with PSP partners.
Source: PCM research

Among individual banks, Victoriabank saw a rise in the volume of transactions acquired from 1.14 million in 2012 to 4.96 million POS payments with the total value MDL 2.08 billion in 2016. Victoriabank reported 1,433 acquiring contracts at end-2016, up from 1,047 in 2012. Victoriabank did not provide subsequent updates for 2017, 2018 or 2019, but in its 2018 Annual Report recorded that 31.3% of all POS transactions in Moldova were undertaken using its acquiring network.

In 2018, Victoriabank recorded a higher percentage of non-cash transactions than cash for the first time in its history, with non-cash transactions constituting 57.5% of total transaction volumes. During 2019, the number of transactions performed with the bank’s cards increased by 37% compared to 2018. According to the bank, the increase was driven by non-cash transactions, which exceeded cash transactions by 117% in 2019. By 2021, Victoriabank’s total number of transactions increased by 24.9%.

Moldindconbank stated that in 2022, 35.1% of card transactions were ATM withdrawals and 39% were POS payments. Due to a series of promotions related to card activation, the value of non-cash transactions in Moldova with cards issued by the bank increased by 37% in 2023 compared to the previous year, for the amount of MDL 18 billion. The Bank’s market share rose from 39.0% in 2022 to 39.2% in 2023. Additionally, non-cash payments abroad via Bank-issued cards saw a 29.7% increase, equivalent to MDL 1.167 million in 2023.

ATM Terminal Infrastructure

Accepted card brands at most Moldovan ATMs are debit cards (Debit Mastercard, Maestro, VISA Debit, Electron) and credit cards (Mastercard, VISA, American Express, Diners, Discover, and JCB). Accepted card brands at ATMs also include Cirrus, Plus and Pulse. The EMV migration of ATM terminals is complete.

National Bank of Moldova, the central bank, reported 1,243 ATMs as of 2023, up by 6.60% from 2022. In 2023, there were 33.38 million cash withdrawals on cards (+3.21% from 2022) with a total value of MDL 97.09 billion (up 9.82% Vs 2022). The domestic withdrawal amount was MDL 2,883.0 on average (up 7.85% from 2022).

6 - ATMs in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATM Terminals	1,137	1,120	1,152	1,166	1,243	6.60%	2.49%
Ø Number of TXs per ATM per month	2,184.4	2,033.1	2,161.8	2,311.8	2,238.2	-3.18%	2.81%
Number of ATM cash withdrawals (000s)	29,804	27,324	29,885	32,346	33,385	3.21%	5.37%
- on domestic cards (000s)	27,974	25,583	27,783	29,212	30,712	5.13%	4.81%
- on foreign cards (000s)	1,830	1,742	2,103	3,134	2,674	-14.70%	13.56%
Value of ATM cash withdrawals (MDLm)	56,012	58,104	72,303	88,411	97,096	9.82%	17.25%
- on domestic cards (MDLm)	51,423	53,211	65,854	78,087	88,543	13.39%	17.20%
- on foreign cards (MDLm)	4,590	4,892	6,449	10,324	8,554	-17.15%	17.85%
ATV per cash withdrawal (domestic) (MDL)	1,838.2	2,080.0	2,370.3	2,673.1	2,883.0	7.85%	11.82%
# ATM Terminals per 1m capita - Moldova	320.9	316.9	326.9	290.6	308.5	6.15%	-0.08%
# ATM Terminals per 1m capita - EA10 total	728.9	713.7	698.7	679.4	706.3	3.96%	0.40%
Source: National Bank of Moldova.

Among individual banks, MAIB and MICB together account for 643 ATMs, representing 51% of the Moldovan ATM network in 2023.

MAIB’s market share was thus 29.6% of ATMs as at end-2023. During 2020, MAIB also implemented foreign exchange through the MAIB ATM network, allowing bank and non-bank customers to change Euro, USD, or MDL currencies into each other. MAIB also launched PINless cash withdrawals via mobile phones.

MICB said that its ATM network had 263 ATMs as at end-2023, reflecting a 22.0% market share of ATMs.

Table 7 shows the breakdown of card transactions and value of cash withdrawals and payments by each bank in Moldova.

7 - Transactions by Bank in 2023
	Cash withdrawals		Payments
Bank	Number (000s)	Value (MDLm)	Number (000s)	Value (MDLm)
Moldova Agroindbank (MAIB)	9,955	32,061	62,507	19,595
Moldindconbank (MICB)	11,545	30,475	71,468	23,564
Victoriabank	4,952	12,708	30,750	9,952
OTP Bank (Mobiasbanca)	2,349	6,081	7,733	2,862
FinComBank	789	2,814	4,170	1,552
Eximbank	453	1,683	2,170	1,043
Energbank	428	1,153	1,380	707
BCR Chisinau	223	747	999	589
EuroCreditBank	53	222	245	112
Comertbank	52	155	342	136
ProCreditBank	133	1,304	707	476
Total	30,932	89,400	182,472	60,589
Source: National Bank of Moldova.

POS Terminal Infrastructure

Accepted card brands at most Moldovan POS terminals are debit cards (Debit Mastercard, Maestro, VISA Debit, Electron), and credit cards (Mastercard, VISA, American Express, Diners, Discover, and JCB). The EMV migration of POS terminals is de facto complete.

National Bank of Moldova, the central bank, reported 36,709 POS terminals, up by 13.59% compared to 2022.

In 2023, there were 174.40 million POS payments on domestic and foreign cards in Moldova (up 34.89% over 2022) with a total value of MDL 57.76 billion (up 32.62% over 2022) amounting to 395.9 POS payments per POS terminal per month (up 18.76% over 2022). The ATV per card payment at POS terminals was MDL 301.4, down by 0.68% from 2022.

8 - POS Terminals in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
POS terminals	20,517	23,727	28,463	32,318	36,709	13.59%	17.19%
Ø Number of TXs per POS per month	176.7	229.7	274.6	333.4	395.9	18.76%	32.13%
Number of POS payments (000s)	43,492.1	65,389.1	93,783.5	129,294.8	174,407.2	34.89%	54.85%
- on domestic cards (000s)	37,334.0	58,360.2	84,566.0	114,407.6	156,144.8	36.48%	57.55%
- on foreign cards (000s)	6,158.2	7,029.0	9,217.5	14,887.1	18,262.4	22.67%	39.11%
Value of POS payments (MDLm)	14,582.0	19,600.2	29,423.2	43,554.1	57,760.8	32.62%	49.24%
- on domestic cards (MDLm)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- on foreign cards (MDLm)	4,044.5	3,310.8	5,058.9	8,831.9	10,693.1	21.07%	29.34%
ATV per POS payment (domestic) (MDL)	282.3	279.1	288.1	303.5	301.4	-0.68%	0.01%
# POS Terminals per 1m capita - Moldova	5,804.5	6,732.9	7,094.5	8,020.8	9,117.6	13.67%	14.23%
# POS Terminals per 1m capita - EA10 total	15,041.9	17,946.5	19,042.0	21,172.0	23,259.9	9.86%	15.77%
Source: National Bank of Moldova

Among individual banks, MAIB and Victoriabank together account for 23,622 POS terminals, representing 64.3% of the Moldovan POS network.

MAIB has reported growth in its acceptance networks over the past five years, reaching 15,566 POS terminals at end-2023, MAIB’s market share was thus 42.40% of POS terminals as at end-2023.

MICB claimed 27.1% of all POS terminals, with 9,973 units of POS terminals installed as of 2023.

In 2023, Victoriabank’s POS terminals network increased to 8,056 from 7,464 units in 2022.

9 - Terminals in 2023
Bank	ATMs	POS Terminals	of which contactless	eCommerce Platform
Moldova Agroindbank (MAIB)	369	15,566	14,490	593
Moldindconbank (MICB)	274	9,973	8,428	69
Victoriabank	225	8,056	7,690	340
OTP Bank (Mobiasbanca)	153	-	-	-
Eximbank	63	1,587	1,437	-
FinComBank	55	1,358	1,137	9
Energbank	44	85	-	-
BCR Chisinau	16	5	-	-
ProCreditBank	22	-	-	-
EuroCreditBank	16	54	-	-
Comertbank	6	25	-	-
Total	1,243	36,709	33,182	1,011
Note: eCommerce platform is a software solution which allows the use of payment cards online.
Source: National Bank of Moldova.

MPOS Terminals – Small and mobile merchants have started to use their smartphones and tablet PCs as mini-POS+ECR devices with added chip reader dongle. Also, merchants can initiate MOTO-like card payments on smartphones and tablets by downloading a payment app.

In December 2012, Square clones like iZettle, SumUp and others launched their services in Europe and are expected to support Moldovan merchants.

Remote Internet Payments – Cards & More

Moldova is a small emerging e-commerce market in Europe with people shopping online more frequently. As of 2023, there were a total of 1,011 e-commerce platforms in operation by banks. Moldova is the 95th largest market for e-commerce and e-commerce revenues are estimated to total $707 million by the end of 2023 (ahead of Latvia) Revenue is expected to grow at a compound annual growth rate of around 12.3% over 2023 – 2027, resulting in a projected market volume of $1,124.7 million by 2027.

As of 2023, there were 18.73 million e-commerce transactions for a total value of MDL 9,523.8 million, up by 15.17% and 17.22% respectively from 2022.

In 2023, due in large part to the lingering effects of the COVID-19 pandemic, the number of remote transactions in Moldova saw a continuous increase of 4.88% through remote channels, and the total value rose by 26.62% to amount to MDL 11,841.0 million.

Internet Use – In 2023, Moldova had an internet penetration rate of 131%. Around 60% of users accessing the internet via mobile phone. Thus, remote payments are initiated from various types of internet-capable devices.

Cards on the Internet (CNP) – All cards with international brands are accepted in Moldovan online shops once the merchant has signed an acceptance contract.

The Moldovan e-Payment Mix – In 2024, remote payment means offered by the merchants in Moldovan online shops were dominated by cards, online bank transfers and cash-on-delivery.

Leading online shops in Moldova offer remote payments on cards based on security standards like SSL with CVC2/CVV2 code and 3D-Secure (Mastercard SecureCode, Verified by VISA). Further, web-based MOTO services are offered to Moldovan merchants by their acquirers.

Remote Payments on the Mobile Internet – In 2014, online buyers started to use their smartphones for shopping on the mobile internet. Mobile shops can be accessed by mobile internet, by mobile app, or by scanning a 2D QR-code displayed, for example, in a newspaper or at a bus station. Thus, remote mobile payments are executed by either using the e-payment page of the mobile shop or by using payment apps of a PSP or an acquirer.

Also, Moldovan merchants can download a payment app from their acquirer in order to initiate MOTO payments with cards and/or online direct debits. Leading Moldovan merchants are believed to consider their own mobile apps including loyalty functions (e.g., e-vouchers, discounts, outlet finder, QR-code scanning) in the future. In 2020 an estimate suggested that 35% of Moldovans currently use their mobile phones for purchases, with the majority of these citizens based around the capital.

Mobile Payments – Overview 

Mobile initiatives in Moldova, if any, are trialling new technologies either as initiating form factors to bridge to online shops on the internet (1D-barcodes, QR-code, NFC) or to enable contactless access to the retail POS outlet (1D-barcodes, QR-code, BLE, Bluetooth Low Energy, NFC Stickers, Mobile NFC Phones) e.g.:

• To enable access to online shops for any type of mobile devices (e.g. tablets, iPhones, Androids)
• To enable mobile services and payments initiated by consumers’ tablets or smartphones at ATMs, at vending machines, at smart posters and at POS terminals in retail outlets
• To enable small merchants’ tablets and smartphones by adding MPOS terminal devices for payment services.

In 2023, Moldova had a mobile phone penetration rate of 131%, with more than 66% owning a smartphone. Tablet penetration continues to grow from a low level.

In 2013, the next generation of mobile services and payments began, pushed by online buyers’ high affinity to smartphones and tablets and, also, by new disruptive technologies (1D-barcodes, QR-code, Bluetooth BLE and NFC).

The Moldovan m-Payment Mix – There are no official m-payment mix statistics, but PSP information indicates that the domestic m-payment mix is similar to the e-payment mix (see Remote Payments on the Internet section).

Mobile Payment Initiatives 

In 2024, the various European mobile payment initiatives can be grouped into

• Non-bank players such as FinTechs, payment initiation service provider (PISPs), and account information service providers (AISPs) launch digital payment services beyond cards
• Innovative banks which launch mobile banking apps allowing for card-less in-app payments and payments on the internet
• Leading banks which pilot mobile HCE NFC payments with the card credentials stored-on-file in the cloud (HCE)
• Banks partnering with mobile network operators in order to offer mobile SIM SE NFC payments on cards with the card credentials stored in a secure element on SIM card of the mobile device
• Innovative retailers which offer their own apps with loyalty and payment functions to their consumers

Mobile Money Transfer at ATMs – In September 2015, Moldindconbank launched a cardless Cash-By-Code money transfer service at its ATMs. Without using a card, the service allows bank clients to use an ATM to transfer funds from their card accounts to another individual who needs no card to receive the transferred cash at another ATM.

A sender specifies the transfer amount, the currency and the recipient’s mobile number. The bank automatically generates a code consisting of two parts: the first is printed on the ATM receipt and the second is delivered by SMS message to the transfer recipient. The cardholder shares their part of the code with the recipient.

Before the recipient receives the transfer in cash, they must enter both parts of the code, the expected amount, and the transfer currency at any Moldindconbank ATM. After the data has been verified, the cash withdrawal is authorised. To increase security, the validation period is strictly limited: if the amount is not withdrawn within 24 hours, the money is automatically returned to the sender’s card account.

Central Bank Digital Currencies (CDBC) – The Digital Cash Challenge 

Central bank digital currency (CBDC), also called digital fiat currency or digital base money, is a digital currency issued by a national central bank (NCB), rather than by a commercial bank. It is also a liability of the NCB and denominated in the sovereign currency, as is the case with physical banknotes and coins.

All CBDCs are under the authority of the respective national central bank, and they are part of the domestic cash payment ecosystem. Rather than a new currency, CBDC is a form of central bank electronic money that could be used by households and businesses to make payments. In addition, most CBDC implementations will likely not use or need any sort of distributed ledger such as a blockchain.

Unlike “retail CBDC,” which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions.

National Central Banks (NCBs) have been providing trusted money to the public for hundreds of years as part of their public policy objectives. Trusted money is a public good. It offers a common unit of account, store of value and medium of exchange for the sale of goods and services and settlement of financial transactions. Providing cash for public use is an important tool for central banks. Yet the world is changing.

Even before COVID-19, cash use for payments was declining fast and convenient digital payments have grown enormously in volume and diversity. To evolve and pursue their public policy objectives in a digital world, central banks are actively researching the pros and cons of offering a digital currency to the public, a “general purpose” CBDC.

Central banks’ interest in CBDC has increased as a potential means of delivering their public policy objectives. Profound, ongoing changes across finance, technology, and society, as well as the recent COVID-19 crisis, provided additional impetus for the research of, and experimentation related to, CBDCs.

CBDC is a national digital currency issued by the central bank that is expected to replace or coexist with fiat money and hold the same value. Mobile money, on the other hand, utilises existing commercial banking-based accounting to manage customer wallet balances based on an exchange with cash or lines of credit and loans.

CBDC is a direct liability on the central bank as it is the main issuer of the currency, whereas digital money is the liability of commercial banks and other authorised financial institutions using funds on account. Although some implementation approaches propose that CBDC can be implemented in either an indirect or hybrid form, its liability remains on the respective national central bank.

National CBDC Initiatives

As of mid-2024, the NBM had not made any public announcements regarding possible use of a CBDC or blockchain initiatives.

Unregulated Cryptocurrency Products – Background 

Regulators and national central banks are challenged by unregulated independent cryptocurrency products. Whereas CBDCs are under the authority of the central bank, almost all cryptocurrencies are decentralised, and not controlled or managed by any central authority.

Obviously, financial market authorities and the national central banks are not in favour of unregulated cryptocurrency products, and they see them as a systematic risk for the financial system. Their intention to regulate the respective cryptocurrency exchange platforms has gained momentum.

Cryptocurrencies, originally designed as a store of value, are digital assets, developed and maintained on decentralised blockchains, and they can be used as a medium of exchange or payment method. Bitcoin and Ethereum are the most popular forms of cryptocurrencies worldwide used by consumers and businesses for transactions.

As of 2022, over 400 million people worldwide used cryptocurrencies, with merchants and businesses in more sectors accepting it as a form of payment. The major payment schemes VISA and Mastercard, PayPal and along with a growing number of financial institutions, have launched services allowing consumers to purchase or use cryptocurrencies for a range of applications.

According to a 2022 Deloitte survey, around two-thirds (64%) of surveyed merchants indicated that their customers have significant interest in using digital currencies for payments, and 83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.

In addition, merchants are motivated by the prospect of enabling immediate access to funds (40% of respondents), taking advantage of blockchain-based innovations in decentralised digital finance (39%), and allowing in-house management of the revenue cycle/treasury/finance department (39%).

Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.

A 2022 survey from Checkout.com found a sharp rise in people wanting to use cryptocurrencies as a means of payment, with 40% of 18-35-year-old consumers citing their desire to experiment with using crypto as a payment method, up from less than 30% in 2021. Meanwhile, over 80% of businesses say offering crypto has attracted new customers, leading to a decrease in chargebacks, while just over 60% have seen higher authorisation rates accepting crypto payments.

Current estimates put cryptocurrency ownership in Europe at around 18 million people.

Market Size and Dynamics

Cards in Issue

Payment cards are used for retail transactions as well as for salary payments. The use of Moldovan cards, although low, has increased rapidly in recent years.

In 2023, the card market continued its pattern of strong growth, with total cards issued growing by 17.55% to 3,292,564 in total, or 0.82 cards per capita. 60% of these cards are currently active, with the number of active cards increasing by 13.52% from 2022.

11 - Payment Cards in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cards with cash function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
Cards with payment function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
- of which debit cards	1,968,003	2,132,707	2,307,587	2,760,890	3,259,549	18.06%	13.99%
- of which credit cards	44,563	49,369	42,831	40,046	33,015	-17.56%	-4.97%
Total cards	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
- thereof active cards	1,227,675	1,324,843	1,481,849	1,725,867	1,959,212	13.52%	14.01%
- thereof contactless cards	1,392,338	1,748,825	2,178,272	2,733,695	3,237,726	18.44%	38.07%
Payment cards per capita - MD	0.57	0.62	0.59	0.70	0.82	17.64%	10.79%
Payment cards per capita - EA10 Total	1.50	1.65	1.82	2.09	2.42	15.79%	11.97%
Note: active cards are cards used at least once during a three month period.
Source: National Bank of Moldova.

Card Fraud

Card fraud is one of the most fascinating aspects of the payments industry, not least because it is relentless and mutating. EMV implementation and 3D-Secure, combined with Strong Customer Authentication (SCA), have done much to reduce domestic losses from lost and stolen cards in Europe. However, the war against fraud losses and the changing face of fraud continues to be a threat for the payments industry, including Moldova.

The global card fraud challenges are Card-Not-Present fraud (CNP), cross-border fraud and counterfeiting on non-EMV cards. CNP fraud accounted for 80% of the total value of card fraud losses in 2020. From 2017, a new payment fraud category is fraud losses on contactless card payments. International card fraud continues to be smaller in scale than domestic card abuse but is proportionately far more common. And of course, fraudulent cross-border transactions on cards continue to grow on all purchase channels.

Losses from card fraud on the internet and cross-border fraud on domestic cards have grown significantly. Following EMV implementation, card fraud has moved increasingly to countries where POS terminals or online shops have not yet been migrated to EMV and SCA, respectively, and to cross-border fraud with compromised cards.

The breakdown of card fraud losses by method of compromise already indicates the importance of distinguishing between domestic and cross-border fraud losses. The method of compromise covers the means by which fraudsters obtain payment cards or card details. Notable methods of compromise in a complex payment world are CNP fraud based on theft of card credentials and card lost and stolen fraud followed by growing ID fraud and by cross-counterfeit fraud.

The main method of compromise responsible for losses in many European countries is now the theft of card credentials. A high proportion of these card fraud losses are caused by the growth in e-commerce, and still the lack of use of Strong Customer Authentication methods such as 3D-Secure.

In a post data-breach world, identity information, payment credentials, account credentials and responses to security questions are widely available for purchase in bulk. Complete fraud exploits and zero-day attacks are also easily available on the black market for outright purchase or as a hosted / fully managed service.

In the digital payments world and having the changing face of fraud in mind, there are significant challenges for card issuing banks, payment service providers and their supporting processors.

The basic indicator applied to assess the situation of payment card fraud is the share of the total amount of fraud committed from the total value of transactions with payment cards issued by licensed banks made both locally and abroad. In the Republic of Moldova, this indicator was 0.0114% in 2012, 0.00796% in 2013, 0.0071% in 2014, 0.0120% in 2015, and 0.0040% in 2016, which is below the European average level (2015: 0.045%).

According to the NBM, in 2014, the card fraud loss rate in the Republic of Moldova recorded a decrease in the number and value of fraud compared with 2012, with 14.8% and 19.5%, respectively. However, the 2015 indicator showed an increase of 69% on 2014, mostly recorded from card-not-present fraud when using card data on the internet.

In 2013, the most common type of fraud recorded was performed via the internet using card data (card not-present) – 50.2% of fraud. From the geographical point of view, in 2013, from the total amount of fraud made with cards issued by licensed banks in the Republic of Moldova, 64.0% were made abroad and constitute 78.0% of the total amount of fraud.

As most POS card transactions are authorised online-to-issuer, acquirer fraud rates in Moldova are under control except for offline vending machines, e-commerce and other hotspots. Obviously, EMV implementation has contributed significantly to declining fraud rates.

Credit card fraud prevention measures taken have been pushing 3D-Secure, updating bank fraud prevention systems and real-time-scoring, implementing more rule-based fraud control mechanisms. Also, issuers offer PIN selection at ATMs and SMS notification to inform cardholders about the use of their credit card.

It is noted that Moldovan individuals and institutions have variously been implicated in international criminal activity in conjunction with Russian and other foreign criminal actors. Danske Bank and its affiliates in Western Europe were sanctioned for permitting money laundering through correspondent banking relationships with Moldovan Banks – and Moldovan individuals have been jailed for using IP addresses based in the country as the basis to “seed” various international “phishing” scams, such as the “GoyZim” scam and others.

According to the NBM, card fraud trends in Moldova as of 2020 were measured as 0.0117%, compared to the European average of 0.037%.

Card Use

In 2023, the National Bank of Moldova (NBM) reported 141.8 million domestic transactions, of which ATM withdrawals accounted for 21.20 million while payments accounted for 120.6 million, giving ATM withdrawals a share of 16.4% (2022: 20.3%) of total transactions. 2018 was the first year in which POS transactions held a higher market share than ATM withdrawals, reflecting the growing maturity and sophistication of the Moldovan payments market. 165.3-29.42

In terms of value, NBM reported total transactions of MDL 135.61 billion ($7.79 billion), of which ATM withdrawals were MDL 88.54 billion ($5.08 billion) or 65.3% of the total (see Table 12).

POS payments are growing much faster, showing a CAGR of 49.24% by value between 2019 and 2023. Over the same period, ATM withdrawals grew by a CAGR of 14.77%.

12 - Card Use in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cash withdrawals (MDL m)	51,422.5	53,211.3	65,854.0	78,087.0	88,542.5	13.39%	17.20%
- in dollars ($m)	3,060.3	3,072.2	3,724.4	4,076.0	5,086.8	24.80%	12.26%
Payments (MDL m)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- in dollars ($m)	627.1	940.5	1,377.9	1,812.4	2,704.1	49.20%	50.93%
Total transactions (MDL m)	61,960.1	69,500.7	90,218.3	112,809.2	135,610.3	20.21%	24.74%
- in dollars ($m)	3,687.4	4,012.7	5,102.4	5,888.4	7,790.9	32.31%	19.49%
Source: National Bank of Moldova.

By breakdown of brand, VISA cards dominate with 1.47 million cards in 2023, a rise of 10.27% compared to 2022. Mastercard-branded cards increased by 24.24% from 2022, while American Express card numbers exited its decline, up by 16.34%.

13 - Payment Cards by Type in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Total cards	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	11.20%
- Visa	1,052,648	1,157,583	1,192,780	1,339,460	1,476,963	10.27%	9.86%
- Mastercard	954,485	1,021,182	1,155,130	1,459,530	1,813,337	24.24%	12.46%
- American Express	5,433	3,311	2,508	1,946	2,264	16.34%	-15.49%
Source: National Bank of Moldova.

Card Payments – In 2023, there were 183.02 million payments at home and abroad, on Moldovan cards (+34.71% on 2022) with a total value of MDL 60.71 billion (+32.26% from 2022, giving 55.6 payments per card per year (+14.60% Vs 2022). The ATV per domestic card payment was MDL 301.4 on average, down by 0.68% from 2022.

14 - Payments with Moldovan Cards
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cards with a payment function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
Ø payments per card per year	25.3	32.2	43.2	48.5	55.6	14.60%	34.38%
Ø payment value (MDL) per card per year	8,550.3	9,974.3	13,717.2	16,387.9	18,438.5	12.51%	29.20%
Payments (000s)	50,917.8	70,257.6	101,561	135,863.9	183,021.8	34.71%	52.73%
- thereof domestic payments (000s)	37,334.0	58,360.2	84,566.0	114,407.6	156,144.8	36.48%	57.55%
- thereof payments abroad (000s)	13,583.9	11,897.5	16,995.2	21,456.3	26,877.0	25.26%	35.25%
Value of payments (MDLm)	17,208.0	21,764.7	32,241.2	45,901.6	60,710.0	32.26%	46.84%
- thereof domestic payments value (MDLm)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- thereof payments value abroad (MDLm)	6,670.5	5,475.4	7,876.9	11,179.4	13,642.2	22.03%	27.52%
ATV per card payment (domestic) (MDL)	282.3	279.1	288.1	303.5	301.4	-0.68%	0.01%
Total card payments per capita	14.4	19.9	25.3	33.7	45.5	34.81%	48.87%
Total card payments value (MDL) per capita	4,868.3	6,176.1	8,036.2	11,392.1	15,078.9	32.36%	43.13%
Source: National Bank of Moldova.

Card Use per Capita

Card use in Moldova is still among the lowest in the world. In 2023, there were 45.43 card payments per capita, up by 34.71% from 2022, following the lifting of COVID-19 pandemic restrictions on card usage in physical locations. The total card payment value per capita amounted to MDL 15,078.9 (+32.36%), up from MDL 696.5 in 2013.

A comparison between Moldova and neighbouring Romania – a relatively under-developed EU economy – shows the continuing potential for growth in the cards business in Moldova. Payments per capita are 1.84 times higher in Romania (2011: 12.4-times) and cards per capita are 1.57 times higher (2011: 2.4 times). Moldova’s faster growth rates compared to Romania suggest not just the continued potential for further growth in Moldova, but also the market’s active interest in payment cards.

15 - Moldova and Romania Compared (2023)
	Moldova	GR 22/23	Romania	GR 22/23
Population (m)	4.03	0.00%	19.06	0.09%
Cards issued	3,292,564	17.55%	21,751,803	4.34%
Cards per capita	0.82	17.55%	1.14	4.24%
Payments on cards	183,021	-99.87%	2,062,725,000	74.78%
Payments per capita	0.05	-99.87%	108.22	74.61%

Debit Card Use

In 2023, the NBM reported 3,259,549 debit cards in issue.

Credit Card Use

In 2023, the NBM reported 33,015 credit cards in issue.

Leading Card Issuer Details

Moldova-Agroindbank – MAIB offers several types of international payment cards, including Maestro and VISA Electron, VISA Classic, Mastercard Standard and Mastercard Gold, all of which are chip-enabled. During 2013, MAIB launched Mastercard Platinum for its top-level customers, and Priority Pass, a service allowing cardholders to access airport lounges.

A range of new card-related products and services were launched in 2014, e.g. the contactless Debit Mastercard card, which replaced most of its Cirrus/Maestro card portfolio.

At the end of 2023, MAIB had 1,172,000 active cards in circulation, up by 16.85% over 2022, and its market share was 35.6%, making it the second largest card issuer in Moldova.

MAIB is a major issuer of debit and credit cards, offering a full range of cards to its customers from basic to premium and has partnered up with Visa, Mastercard and American Express to issue both debit and credit cards. MAIB’s Libercard range has nearly 2,000 local commercial partners, while its Gama card range with cashback has nearly 700 partners.

In 2021 MAIB issued 267,000 GAMA cards, representing 50% growth compared to 2020. The Gama card, launched at the end of 2020, is the first card in Moldova with guaranteed cashback. The card comes in Universal, Start and Premium formats, covering general, salary and premium segments. The level of active cards reached 61.7% in 2021. Maib introduced a new line of cards for kids known as MAIB GAMA Junior in 2022. These cards are designed to teach children about financial responsibility at a young age.

In 2021, a pilot project of cashless payments for public transport in Chisinau was launched in partnership with Mastercard, along with self-service POS terminals in supermarkets.

16 - MAIB Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Number of cards in circulation	581,402	620,256	726,844	985,846	1,172,290	18.91%	16.61%
Cards market share	28.9%	28.4%	30.9%	35.2%	35.6%	1.16%	2.60%
ATMs	309	287	292	321	369	14.95%	4.23%
POS terminals	6,137	7,823	9,845	12,774	15,566	21.86%	23.84%
- of which contactless	4,701	6,229	7,868	10,609	14,490	36.58%	29.96%
Source: Moldova Agroindbank.

Victoriabank issues debit cards branded Debit Mastercard or VISA Debit and credit cards branded VISA or Mastercard. The number of cards in circulation increased to 428,000 in 2023, with 56,400 cards issued during the year.

During 2020, Victoriabank launched premium Mastercard Platinum and World Elite cards, and issued 11,000 e-PIN cards. The instalment Star card continues to expand with merchant partners, including a credit card, instalment card, and loyalty card.

During 2021, Victoria Bank reported that the STAR card was becoming more popular with customers and a growing network of merchants. STAR card incorporates a credit card, an instalment card, and a loyalty card. Victoria Bank also offers VB24 Pay, a digital wallet, and contactless payment service Garmin Pay. Victoriabank launched STAR Card Platinum in 2022.

17 - Victoriabank Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATMs	181	182	202	212	225	6.13%	5.15%
POS teminals	5,900	7,000	7,800	7,464	8,056	7.93%	13.91%
Number of cards in circulation	352,000	354,067	334,277	342,356	406,119	18.62%	6.32%
- market share	17.5%	16.2%	14.2%	12.2%	12.3%	0.91%	-6.46%
Source: Victoriabank

Mobiasbanca has shown steady growth in cards issued over the past five years. In 2019, it reported 147,000 active cards, down by 4.55% on 2018. Originally a mono-brand card issuer, Mobiasbanca issues Debit Mastercard and Mastercard credit cards. In 2016, the bank launched contactless VISA Debit cards, contactless Electron cards, and contactless VISA credit cards.

In 2013, it introduced a new brand service into the market. GarantCard Service provides free insurance services for all holders of Mastercard Standard cards, Mastercard Gold and Mastercard Business issued by Mobiasbanca. In 2018, Mobiasbanca showed an increased focus on the new affluent sector, including premium card issuance and online services.

Earlier innovations included a products package for individuals consisting of a current account, bank card, card insurance and a loan facility, launched in November 2010. In 2011, Mobiasbanca introduced 3D-Secure Mastercard SecureCode for online payments followed by 3D-Secure Verified-by-VISA in 2016.

Also, in 2011, it launched ‘Chérie’, a collection of cards for women customers with several enticing features: grace period for purchases up to 60 days, grace period for cash withdrawals up to 60 days, reduced fees for purchases, favourable interest rates for loans, special gifts offered every quarter by bank partners and discounts from the Chérie partners.

18 - OTP Bank (Mobiasbanca) Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATMs	144	148	151	159	153	-3.77%	2.23%
Active retail clients	168,000	156,117	158,516	178,352	164,000	-8.05%	0.37%
Cards in circulation	147,000	78,168	84,627	98,261	93,474	-4.87%	-7.80%
Note: retail client figures are for individuals only.
Source: Mobiasbanca.

Moldindconbank (MICB) issues Maestro debit cards for payroll projects and Debit Mastercard, Maestro and VISA Electron for deposit access. It also issues and acquires Mastercard and VISA cards. From 2015, MICB issues contactless Debit Mastercard and Mastercard cards.

Within Moldindconbank’s card range are Visa Platinum, Mastercard Platinum, Mastercard Platinum Pudra and Mastercard World Elite premium cards. In 2023, Moldindconbank maintained its claim as the leader in the cards segment, with a share of about 37% and the first bank in Moldova to issue 1 million cards with portfolio of 1,289,616 issued cards and 785,142 active cards which means that every third card user in the country is a Moldindconbank customer. Moldindconbank launched the Platinum Pudra card in 2021 and also launched Instant card, that allows customers to apply for and receive cards more easily and quickly.

According to the bank, the total number of P2P transfers for 2021 (including through web banking, mobile banking, and bank ATMs) amounted to over 3.4 million transactions for a value of MDL 4,530 million, a rise of 56% from 2020. The bank provided no further update in its 2022 Annual report.

Eximbank focused on the modernisation of products, services and applications related to the field of bank cards, as well as their correspondence to the standards and norms established by international payment schemes. The number of Visa Signature cardholders grew by more than 50% during 2021.

The number of card transactions registered at the end of 2021 increased by approximately 26% compared to the previous year, and the value of transactions increased by over 15%. No update was provided for 2022 and 2023.

Payroll Schemes on Cards

In Moldova, development of payroll schemes continued to drive cards usage, in part driven by government efforts to promote non-cash methods of disbursing social benefits like pensions and salaries.

Table 19 shows the breakdown of card types within each Moldovan bank in 2023 – salary and social cards still form a major part of overall card portfolios.

19 - Cards in 2023
Bank	Cards in circulation	- Active cards	- Salary cards	- Social cards
Moldova Agroindbank (MAIB)	1,172,290	660,155	428,258	149,814
Moldindconbank (MICB)	1,289,616	785,142	416,974	233,817
Victoriabank	406,119	273,123	144,659	78,067
OTP Bank (Mobiasbanca)	163,346	93,474	93,148	10,941
FinComBank	120,173	64,480	12,039	21,076
Eximbank	42,932	20,825	25,515	4,829
Energbank	49,281	31,480	8,646	17,579
BCR Chisinau	8,562	6,980	6,245	-
EuroCreditBank	7,468	7,284	2,193	970
Comertbank	5,481	3,106	2,398	565
ProCreditBank	9,430	5,853	-	-
Total	3,274,698	1,951,902	1,140,075	517,658
Source: National Bank of Moldova.

International Money Transfers

With a GDP of about $16.75 billion in 2023, remittances worth $1.62 billion from Moldovans working abroad are a crucial source of support for the economy and were estimated to comprise nearly 10% of GDP in 2023. According to an analysis by the NBM, nearly half the funds received are intended for consumption, while 25% are for real estate investments, and 21% are placed in savings deposits. The proportion of remittances used for business formation and investment is only 5%. Through NEXUS, a project designed with EU and Swiss funding, NBM aims to increase this proportion.

NBM also found that Moldovan emigrants retain a high percentage of their funds offshore, putting the figure at 37% of the earnings of migrants’ families. An estimated 500,000 Moldovans are working in long-term migration.

In 2023, the volume of remittances from abroad to Moldova on a net basis declined by 6.76% from 2022 to amount to $1,628 million.

20 - Cross-border Money Transfers to Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Total transfers ($m)	1,223	1,487	1,612	1,746	1,628	-6.76%	6.29%
of which via IMTS	1,014	1,238	1,292	1,367	1,193	-12.76%	3.13%
- in USD (%)	40.9	35.8	32.0	25.8	20.5	-20.54%	-16.30%
- in EUR (%)	55.0	61.7	65.8	74.0	79.5	7.43%	14.22%
- in RUR (%)	4.1	2.3	2.2	0.2	0.0	-100.00%	-100.00%
Note: IMTS = International Money Transfer Systems operating in Moldova
Note: data include settlements with Moldovian banks from the except for banks located in the Transnistrian region.
Source: National Bank of Moldova

MAIB linked up with three international money transfer systems – Contact, Leader and Bystraia Pochta – and participated in Western Union’s ‘Let the Adventure Begin!’ Programme. Like BEM, MAIB introduced Mastercard MoneySend, as well as VISA Personal Payments services for money transfers from third parties.

MICB’s portfolio includes five remittance systems. In 2023, the volume of money remittances made through the bank amounted to $509.2 million, down by 12.47% compared to 2022. By the volume of money remittances received and processed, Moldindconbank claimed to be the leading bank in the domestic banking market, holding a market share of 33% supported by its large branch network and convenient Direct Transfer Service.

Victoriabank became a member of Zolotaya Korona in June 2014, with transfers available initially at three of its branches in Chisinau; previously, Zolotaya Korona was not represented in Moldova.

In 2021, MAIB, in partnership with Western Union, launched the foreign money transfer service directly to the card (t2c), which can be accessed through the MAIBank mobile app. Through t2c, the monies are transferred directly to the customer’s card account without incurring any commission.

Webmoney – In August 2016, Webmoney Transfer introduced a new interface for transactions in MDL denomination, in partnership with the local e-money operator RunPay Moldova, a local payment service provider with over 350 cash-in and 800 POS terminals in retail stores across Moldova. The number of the Moldovan WebMoney users is 300,000.

All customers registered in the WebMoney Keeper with the country code +373 can manage their local MDL wallets, deposit funds in Moldova, make transfers to any private individuals and pay for goods and services provided by the local operators, RunPay Moldova.

Users can deposit funds to their MDL wallets at any RunPay Moldova payment terminals or exchange WMZ and WME title units to MDL within the WebMoney Keeper. For withdrawals, users can withdraw funds to banks accounts of Moldova Agroindbank or withdraw cash at the RunPay Moldova offices. Identification services are also available at the offices of RunPay Moldova.

MDL automatic conversion option is available for online stores. WebMoney users are able to pay for any purchases at local online stores in WebMoney units.

Appendix

Moldova and the European Union

Moldova’s progress towards membership of the EU, instigated in January 2010, took a major step forward in June 2014 with signature of a formal association agreement. Moldova will now enter a DCFTA (Deep and Comprehensive Free Trade Area), which will gradually integrate its economy into the EU’s internal market, with the goal of eventual full EU membership. Association agreements with Georgia and Ukraine were signed at the same time.

Under the DCFTA process, with EU support, Moldova will undertake work on domestic reforms in areas such as the judicial system and anti-corruption measures. The banking system and its regulation is also a key element of the process, which requires Moldovan banks to adopt EU standards of governance.

Background Banca de Economii (BEM)

Banca de Economii (BEM), the former state savings bank liquidated in July 2016, had a government shareholder in the form of the Public Property Agency of the Ministry of Economy and Trade, which held 33.3% of the shares as at end-2013; the previous year, the agency held 56% of the shares. According to the 2013 annual report, 38 unnamed legal entities held 64.2% of the shares.

BEM had the biggest physical presence in Moldova; its 36 branches and 534 agencies in mid-2015 were equivalent to nearly half the total national network. In its 2012 annual report, BEM claimed “more than 2.4 million” deposit accounts, there was no subsequent update.

Formerly BEM had offered VISA Electron, Cirrus/Maestro, Mastercard and VISA cards. It lifted its total number of active cards in circulation to 291,000 in 2013, up from 219,000 at year-end 2012, and claimed market share of 22.3% of all cards issued, but said its cards commanded 27% market share in the number of cash transactions. Throughout 2013, it offered two promotions with Mastercard, offering random cash prizes for individuals who opened card accounts.

BEM reported “over 4 million operations on cash collection” in 2013, up by 3% on 2012, which in turn was up by 4% on 2011; previously, as at end-2011, BEM reported 4,058,000 cash withdrawals in 2011. BEM also claimed market share in 2013 of 26% of cash withdrawals, down from 27% in 2012 and 2011.

Banca de Economii (BEM) attempted to drive POS payments with a variety of programs to incentivize consumers, including a promotional campaign offering discounts at filling stations for BEM cardholders who pay via BEM POS terminals.

In 2014 the Bank reported 106 ATMs, up from 101 in 2013. BEM’s market share of ATM withdrawals therefore appears to have been more or less static. In its 2013 annual report, the bank said the percentage of total retail transactions in Moldova performed on BEM cards was 17%.

Banca de Economii (BEM) had operated an internet banking portal, econom.md, which enabled utility payments, transfers and card payments by individual customers. BEM said in its 2013 annual report that the number of users rose by 95% over the previous year; in the 2012 annual report, the number of users rose by 2.5 times, with cardholders carrying out 63% more transactions through econom.md compared with 2011.

According to a diagram published in the 2013 annual report, the value of transaction on econom.md was just over MDL 30 million ($2.38 million) in 2013, compared with around MDL 16 million in 2012 and MDL 10 million in 2011. The number of transactions rose from 9 million in 2010 to 12 million in 2011 and 19.5 million in 2012 (approximate figures only). For 2013, the bank said transactions through econom.md rose by 76%, implying a total of about 34 million.

Data Tables

Key Statistics 2023
Population	4.02 million, 0.82 cards per capita
Cards	3,292,564
Card Payments	All cards: 183.02 million; value MDL 60.71 billion ($3.48 billion)
POS Terminals	36,709
POS Payments	All cards 174.40 million; value MDL 57.76 billion ($3.31 billion)
ATMs	1,243
ATM Withdrawals	All cards: 33.38 million; value MDL 97.09 billion ($5.57 billion)

Market Overview
Payment Organisation	MoldMediaCard
Domestic Card Brand	None.
Market Structure	Moldovan retail banks issue cards with one of the Mastercard or VISA brands.  While ATM transactions are the dominant form of card use, POS payments are growing fast, showing a CAGR of 54.85% between 2019 and 2023. Over the same period, ATM withdrawals grew by a CAGR of 4.71%.  Card use in Moldova is still one of the lowest in the world. In 2023, there were 45.5 card payments per capita.  Cash is the dominant means of exchange, with credit transfers for corporate payments. Direct debits were launched in 2003.  In June 2014, Moldova and the EU signed a formal association agreement with the objective of postponed EU membership.  In 2015, NBM withdrew the license for financial activities of three banks and initiated the process of their forced liquidation.
Notable Market Trends	Rapid rollout of contactless cards and POS terminals; 3D-Secure combined with a dynamic single-use code. In 2021, due in large part to the impact of the COVID-19 pandemic, the number of remote card-not-present transactions in Moldova recorded a large increase of nearly 42%, and total value rose by over 57%. By 2023, there was a sustained rise in remote CNP transactions as the number and value of these transactions rose by a respective 4.9% and 26.6%.
Major Card Issuers	Moldova-Agroindbank, Victoriabank, Mobiasbanca
Major Card Acquirers	Moldova-Agroindbank, Victoriabank
Major Card Processors	MoldMediaCard (MMC).

1 - Main Moldovan Banks 2023
Bank	Ownership	Total assets (MDL m)	Market share
Moldova Agroindbank (MAIB)	HEIM Partners: 31.54%, Other investors: 68.5%	53,343	34.65%
Moldindconbank (MICB)	DOVERIE UNITED-holding: 77.63%, local and foreign private investors	31,059	20.18%
OTP Bank (Mobiasbanca)	OTP Bank Nyrt: 98.35%, others	21,404	13.90%
Victoriabank	VB Investment (NL): 72.19%, Moldovan investors: 27.81%	21,737	14.12%
ProCreditBank	ProCredit Holding 100%	6,392	4.15%
Eximbank	Intesa Sanpaolo Group S.P.A 100%	5,149	3.34%
other five banks		14,857	9.65%
Total assets - all banks		153,941	100.00%
Source: NBM, individual bank reports.

2 - Communications in Moldova
(000s)	2018	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Fixed telephone users	1,108.2	1,071.5	1,027.7	1,000.0	951.0	847.0	-10.94%	-5.23%
Mobile phone users	4,101.0	4,108.0	4,108.0	4,706.0	5,127.0	5,184.0	1.11%	4.80%
Mobile phone subscriptions per 100 population	115.8%	116.2%	110.9%	127.4%	127.4%	131.0%	2.81%	2.50%
Source: National Bureau of Statistics of Moldova, ITU.

3 - Average Exchange Rates
	2019	2020	2021	2022	2023
MDL in EUR	19.674	19.744	20.926	20.379	19.357
MDL in USD	17.575	17.320	17.682	19.158	17.406
Source: National Bank of Moldova.

4 - Leading Card Issuers in Moldova
Domestic Issuers	Issued Card Brands	Owned by
Moldova Agroindbank (MAIB)	Mastercard, VISA, AmExp; Debit Mastercard, VISA Debit	HEIM Partners: 31.54%, Other investors: 68.5%
Moldinconbank (MICB)	Mastercard, VISA; Debit Mastercard,VISA Debit	DOVERIE UNITED-holding: 77.63%, local and foreign private investors
Victoriabank	Mastercard, VISA; Debit Mastercard, VISA Debit	VB Investment (NL): 72.19%, Moldovan investors: 27.81%
OTP Bank (Mobiasbanca)	Mastercard, VISA; Debit Mastercard, VISA Debit	OTP Bank Nyrt: 98.35%, others
Eximbank	Mastercard, VISA; VISA Debit, Debit Mastercard	Intesa Sanpaolo Group S.P.A 100%
ProCreditBank	VISA; VISA Debit	ProCredit Holding 100%
other banks	Mastercard, VISA; VISA Debit,, Debit Mastercard	Private investors
Source: PCM research

5 - Leading Acquirers in Moldova
Domestic Acquirers	Acceptance Brands offered	Owned by
Moldova Agroindbank (MAIB)	Mastercard, VISA, AmExp; Electron	HEIM Partners: 31.54%, Other investors: 68.5%
Victoriabank	Mastercard, VISA; Electron	VB Investment (NL): 72.19%, Moldovan investors: 27.81%
Moldinconbank (MICB)	Mastercard, VISA; Electron	DOVERIE UNITED-holding: 77.63%, local and foreign private investors
Eximbank	Mastercard, VISA; Electron	Intesa Sanpaolo Group S.P.A 100%
Note: all acquirers have own PSP services or cooperate with PSP partners.
Source: PCM research

6 - ATMs in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATM Terminals	1,137	1,120	1,152	1,166	1,243	6.60%	2.49%
Ø Number of TXs per ATM per month	2,184.4	2,033.1	2,161.8	2,311.8	2,238.2	-3.18%	2.81%
Number of ATM cash withdrawals (000s)	29,804	27,324	29,885	32,346	33,385	3.21%	5.37%
- on domestic cards (000s)	27,974	25,583	27,783	29,212	30,712	5.13%	4.81%
- on foreign cards (000s)	1,830	1,742	2,103	3,134	2,674	-14.70%	13.56%
Value of ATM cash withdrawals (MDLm)	56,012	58,104	72,303	88,411	97,096	9.82%	17.25%
- on domestic cards (MDLm)	51,423	53,211	65,854	78,087	88,543	13.39%	17.20%
- on foreign cards (MDLm)	4,590	4,892	6,449	10,324	8,554	-17.15%	17.85%
ATV per cash withdrawal (domestic) (MDL)	1,838.2	2,080.0	2,370.3	2,673.1	2,883.0	7.85%	11.82%
# ATM Terminals per 1m capita - Moldova	320.9	316.9	326.9	290.6	308.5	6.15%	-0.08%
# ATM Terminals per 1m capita - EA10 total	728.9	713.7	698.7	679.4	706.3	3.96%	0.40%
Source: National Bank of Moldova.

7 - Transactions by Bank in 2023
	Cash withdrawals		Payments
Bank	Number (000s)	Value (MDLm)	Number (000s)	Value (MDLm)
Moldova Agroindbank (MAIB)	9,955	32,061	62,507	19,595
Moldindconbank (MICB)	11,545	30,475	71,468	23,564
Victoriabank	4,952	12,708	30,750	9,952
OTP Bank (Mobiasbanca)	2,349	6,081	7,733	2,862
FinComBank	789	2,814	4,170	1,552
Eximbank	453	1,683	2,170	1,043
Energbank	428	1,153	1,380	707
BCR Chisinau	223	747	999	589
EuroCreditBank	53	222	245	112
Comertbank	52	155	342	136
ProCreditBank	133	1,304	707	476
Total	30,932	89,400	182,472	60,589
Source: National Bank of Moldova.

8 - POS Terminals in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
POS terminals	20,517	23,727	28,463	32,318	36,709	13.59%	17.19%
Ø Number of TXs per POS per month	176.7	229.7	274.6	333.4	395.9	18.76%	32.13%
Number of POS payments (000s)	43,492.1	65,389.1	93,783.5	129,294.8	174,407.2	34.89%	54.85%
- on domestic cards (000s)	37,334.0	58,360.2	84,566.0	114,407.6	156,144.8	36.48%	57.55%
- on foreign cards (000s)	6,158.2	7,029.0	9,217.5	14,887.1	18,262.4	22.67%	39.11%
Value of POS payments (MDLm)	14,582.0	19,600.2	29,423.2	43,554.1	57,760.8	32.62%	49.24%
- on domestic cards (MDLm)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- on foreign cards (MDLm)	4,044.5	3,310.8	5,058.9	8,831.9	10,693.1	21.07%	29.34%
ATV per POS payment (domestic) (MDL)	282.3	279.1	288.1	303.5	301.4	-0.68%	0.01%
# POS Terminals per 1m capita - Moldova	5,804.5	6,732.9	7,094.5	8,020.8	9,117.6	13.67%	14.23%
# POS Terminals per 1m capita - EA10 total	15,041.9	17,946.5	19,042.0	21,172.0	23,259.9	9.86%	15.77%
Source: National Bank of Moldova

9 - Terminals in 2023
Bank	ATMs	POS Terminals	of which contactless	eCommerce Platform
Moldova Agroindbank (MAIB)	369	15,566	14,490	593
Moldindconbank (MICB)	274	9,973	8,428	69
Victoriabank	225	8,056	7,690	340
OTP Bank (Mobiasbanca)	153	-	-	-
Eximbank	63	1,587	1,437	-
FinComBank	55	1,358	1,137	9
Energbank	44	85	-	-
BCR Chisinau	16	5	-	-
ProCreditBank	22	-	-	-
EuroCreditBank	16	54	-	-
Comertbank	6	25	-	-
Total	1,243	36,709	33,182	1,011
Note: eCommerce platform is a software solution which allows the use of payment cards online.
Source: National Bank of Moldova.

10 - Card Not Present Transactions in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Number of e-commerce transactions (000s)	10,967.2	11,005.3	14,951.8	16,264.0	18,730.5	15.17%	31.59%
Value of e-commerce transactions (MDLm)	4,625.4	4,768.5	6,573.0	8,124.5	9,523.8	17.22%	29.94%
Number of automated remote service systems transactions (000s)	7,518.9	11,400.7	16,170.9	20,277.4	21,266.6	4.88%	42.54%
Value of automated remote service systems transactions (MDLm)	2,240.0	3,661.8	5,766.6	9,351.8	11,841.0	26.62%	67.53%
Number of mail/email/MO/TO/key entry or at bank counter transactions (000s)	750.5	1,342.6	1,567.3	2,182.8	3,550.5	62.66%	78.38%
Value of mail/email/MO/TO/key entry or at bank counter transactions (MDLm)	579.2	659.7	684.4	867.3	1,674.9	93.12%	39.59%
Note: automated remote service system transactions are probably recurring card payments for subscriptions and other regular monthly or annual payments.
Source: National Bank of Moldova.

11 - Payment Cards in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cards with cash function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
Cards with payment function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
- of which debit cards	1,968,003	2,132,707	2,307,587	2,760,890	3,259,549	18.06%	13.99%
- of which credit cards	44,563	49,369	42,831	40,046	33,015	-17.56%	-4.97%
Total cards	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
- thereof active cards	1,227,675	1,324,843	1,481,849	1,725,867	1,959,212	13.52%	14.01%
- thereof contactless cards	1,392,338	1,748,825	2,178,272	2,733,695	3,237,726	18.44%	38.07%
Payment cards per capita - MD	0.57	0.62	0.59	0.70	0.82	17.64%	10.79%
Payment cards per capita - EA10 Total	1.50	1.65	1.82	2.09	2.42	15.79%	11.97%
Note: active cards are cards used at least once during a three month period.
Source: National Bank of Moldova.

12 - Card Use in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cash withdrawals (MDL m)	51,422.5	53,211.3	65,854.0	78,087.0	88,542.5	13.39%	17.20%
- in dollars ($m)	3,060.3	3,072.2	3,724.4	4,076.0	5,086.8	24.80%	12.26%
Payments (MDL m)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- in dollars ($m)	627.1	940.5	1,377.9	1,812.4	2,704.1	49.20%	50.93%
Total transactions (MDL m)	61,960.1	69,500.7	90,218.3	112,809.2	135,610.3	20.21%	24.74%
- in dollars ($m)	3,687.4	4,012.7	5,102.4	5,888.4	7,790.9	32.31%	19.49%
Source: National Bank of Moldova.

13 - Payment Cards by Type in Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Total cards	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	11.20%
- Visa	1,052,648	1,157,583	1,192,780	1,339,460	1,476,963	10.27%	9.86%
- Mastercard	954,485	1,021,182	1,155,130	1,459,530	1,813,337	24.24%	12.46%
- American Express	5,433	3,311	2,508	1,946	2,264	16.34%	-15.49%
Source: National Bank of Moldova.

14 - Payments with Moldovan Cards
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Cards with a payment function	2,012,566	2,182,076	2,350,418	2,800,936	3,292,564	17.55%	13.66%
Ø payments per card per year	25.3	32.2	43.2	48.5	55.6	14.60%	34.38%
Ø payment value (MDL) per card per year	8,550.3	9,974.3	13,717.2	16,387.9	18,438.5	12.51%	29.20%
Payments (000s)	50,917.8	70,257.6	101,561	135,863.9	183,021.8	34.71%	52.73%
- thereof domestic payments (000s)	37,334.0	58,360.2	84,566.0	114,407.6	156,144.8	36.48%	57.55%
- thereof payments abroad (000s)	13,583.9	11,897.5	16,995.2	21,456.3	26,877.0	25.26%	35.25%
Value of payments (MDLm)	17,208.0	21,764.7	32,241.2	45,901.6	60,710.0	32.26%	46.84%
- thereof domestic payments value (MDLm)	10,537.6	16,289.3	24,364.3	34,722.2	47,067.8	35.56%	57.56%
- thereof payments value abroad (MDLm)	6,670.5	5,475.4	7,876.9	11,179.4	13,642.2	22.03%	27.52%
ATV per card payment (domestic) (MDL)	282.3	279.1	288.1	303.5	301.4	-0.68%	0.01%
Total card payments per capita	14.4	19.9	25.3	33.7	45.5	34.81%	48.87%
Total card payments value (MDL) per capita	4,868.3	6,176.1	8,036.2	11,392.1	15,078.9	32.36%	43.13%
Source: National Bank of Moldova.

15 - Moldova and Romania Compared (2023)
	Moldova	GR 22/23	Romania	GR 22/23
Population (m)	4.03	0.00%	19.06	0.09%
Cards issued	3,292,564	17.55%	21,751,803	4.34%
Cards per capita	0.82	17.55%	1.14	4.24%
Payments on cards	183,021	-99.87%	2,062,725,000	74.78%
Payments per capita	0.05	-99.87%	108.22	74.61%

16 - MAIB Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Number of cards in circulation	581,402	620,256	726,844	985,846	1,172,290	18.91%	16.61%
Cards market share	28.9%	28.4%	30.9%	35.2%	35.6%	1.16%	2.60%
ATMs	309	287	292	321	369	14.95%	4.23%
POS terminals	6,137	7,823	9,845	12,774	15,566	21.86%	23.84%
- of which contactless	4,701	6,229	7,868	10,609	14,490	36.58%	29.96%
Source: Moldova Agroindbank.

17 - Victoriabank Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATMs	181	182	202	212	225	6.13%	5.15%
POS teminals	5,900	7,000	7,800	7,464	8,056	7.93%	13.91%
Number of cards in circulation	352,000	354,067	334,277	342,356	406,119	18.62%	6.32%
- market share	17.5%	16.2%	14.2%	12.2%	12.3%	0.91%	-6.46%
Source: Victoriabank

18 - OTP Bank (Mobiasbanca) Key Figures
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
ATMs	144	148	151	159	153	-3.77%	2.23%
Active retail clients	168,000	156,117	158,516	178,352	164,000	-8.05%	0.37%
Cards in circulation	147,000	78,168	84,627	98,261	93,474	-4.87%	-7.80%
Note: retail client figures are for individuals only.
Source: Mobiasbanca.

19 - Cards in 2023
Bank	Cards in circulation	- Active cards	- Salary cards	- Social cards
Moldova Agroindbank (MAIB)	1,172,290	660,155	428,258	149,814
Moldindconbank (MICB)	1,289,616	785,142	416,974	233,817
Victoriabank	406,119	273,123	144,659	78,067
OTP Bank (Mobiasbanca)	163,346	93,474	93,148	10,941
FinComBank	120,173	64,480	12,039	21,076
Eximbank	42,932	20,825	25,515	4,829
Energbank	49,281	31,480	8,646	17,579
BCR Chisinau	8,562	6,980	6,245	-
EuroCreditBank	7,468	7,284	2,193	970
Comertbank	5,481	3,106	2,398	565
ProCreditBank	9,430	5,853	-	-
Total	3,274,698	1,951,902	1,140,075	517,658
Source: National Bank of Moldova.

20 - Cross-border Money Transfers to Moldova
	2019	2020	2021	2022	2023	GR 22/23	CAGR 5Y
Total transfers ($m)	1,223	1,487	1,612	1,746	1,628	-6.76%	6.29%
of which via IMTS	1,014	1,238	1,292	1,367	1,193	-12.76%	3.13%
- in USD (%)	40.9	35.8	32.0	25.8	20.5	-20.54%	-16.30%
- in EUR (%)	55.0	61.7	65.8	74.0	79.5	7.43%	14.22%
- in RUR (%)	4.1	2.3	2.2	0.2	0.0	-100.00%	-100.00%
Note: IMTS = International Money Transfer Systems operating in Moldova
Note: data include settlements with Moldovian banks from the except for banks located in the Transnistrian region.
Source: National Bank of Moldova