NBS: First Newsstands in Serbia Accept Instant Payments

The NBS informs the public that we are seeing the first instant payments at newsstands, meaning that at some newsstands buyers can make cashless payments for goods or services by using solely their mobile banking apps, the bank says in a press release.

As said, such payments are enabled at Blok Shop newsstands in Novi Beograd where buyers can make purchases via mobile phone.

– They are using the IPS scan method, i.e. the buyer is scanning the merchant’s IPS QR code when making payments. The buyer simply chooses the IPS scan option through the mobile banking app, scans the IPS QR code and confirms the execution of the transaction by entering PIN, a fingerprint or through face recognition – the NBS specifies.

It is added that, to be able to accept instant payments, these newsstands are using a merchant application provided by Banca Intesa a.d. Beograd. Apart from this bank, other payment service providers are offering their own applications for the acceptance of instant payments, so merchants can address banks and easily enable cashless payments for their buyers.

The central banks says that instant payments provide special advantages to all merchants, especially small ones at points of sale with a small average transaction value.

– The reason lies in the simplicity of implementation and low costs of acceptance of instant payments, borne by all IPS system participants, which entails also significantly lower fees for merchants when accepting instant payments compared to, for instance, payment cards. Apart from such favorable terms, it is important to point out once again that a regular mobile phone or some other mobile device can be used for the acceptance of instant payments and that no special hardware is required, which also positively impacts cost reduction – the press release says.

Narodna banka Srbije Beograd

Banca Intesa a.d. Beograd

Blok Shop

Banca Intesa

NBS

National Bank of Serbia

IPS QR code

instant cashless payment

purchase by mobile phone

money transaction

application for merchants