“The amount of euro payments in Romania does not go beyond 300,000 payment orders a month, which is around the amount of payments in national currency made in just one day,” Ionel Dumitru, department head with the banking system’s TransFond payment service, told the Romanian Banking Forum.
“When Romania switches to the euro we will just replace the currency in this structure. We already have the experience from 2005, with the denomination process,” said Dumitru.
As of November 2009, under the new European regulations, alternative service providers such as mobile telephony operators are allowed to develop new payment services with banking and credit card companies, ensuring a more efficient transition to a free of cash economy.
The Directive is a prerequisite for the setting up of SEPA, an initiative where by the European banking sector seeks to establish consistent procedures all over the EU for credit transfers, direct debits and payment cards. The three goals should be duly implemented by end-2010.
The expert added that in September 2008, the amount of payments by SEPA standards was just 1.5% of the total payments made in euro Europe-wide as to 0.5% at the time the service was launched.