Rise of Card Payments in Serbia: A Shift Toward Cashless Transactions
Card transactions surpass records in Serbia as 12.2 million cards issued, reflecting a significant shift in payment habits.
As of the end of 2024, the total number of issued payment cards in Serbia has reached 12.2 million, marking a 5.9% increase from the 11.5 million cards issued at the end of 2023, according to the Central Bank of Serbia (NBS).
This represents a notable expansion of 28% over the last five years, up from 9.5 million cards issued at the end of 2020.
The NBS reports a corresponding rise in card transactions, with a total of 681.7 million purchases made using cards in Serbian retail outlets throughout 2024. Of these transactions, 628.8 million, or 92.2%, were conducted with cards issued by local payment service providers, while 52.9 million transactions, approximately 7.8%, utilized cards issued abroad.
Consumers, including both local citizens and foreign tourists, engaged in purchases via payment cards at a reported average value of 2,271 dinars per transaction.
The volume of purchases made using cards in Serbian stores increased by 20.8% compared to 2023, when 564.3 million card transactions were recorded.
In the medium term, this reflects a more than twofold increase of 116.8% in comparison to 2020, when only 314.4 million card purchases were completed.
The growth of cashless payments in Serbia is supported by an expanding infrastructure, with over 160,000 POS terminals available for retail transactions by the end of 2024. This figure represents a 17.7% increase from the prior year's total and a 64.6% rise compared to five years prior.
Additionally, the network of ATMs has continued to expand, with 3,218 machines operating by the end of 2024. This marks a 4.5% increase from the end of 2023 and a 5.8% increase compared to the end of 2020.
These developments indicate a significant trend toward electronic payments in Serbia, as the nation transitions away from traditional cash transactions and embraces modern payment solutions.
This represents a notable expansion of 28% over the last five years, up from 9.5 million cards issued at the end of 2020.
The NBS reports a corresponding rise in card transactions, with a total of 681.7 million purchases made using cards in Serbian retail outlets throughout 2024. Of these transactions, 628.8 million, or 92.2%, were conducted with cards issued by local payment service providers, while 52.9 million transactions, approximately 7.8%, utilized cards issued abroad.
Consumers, including both local citizens and foreign tourists, engaged in purchases via payment cards at a reported average value of 2,271 dinars per transaction.
The volume of purchases made using cards in Serbian stores increased by 20.8% compared to 2023, when 564.3 million card transactions were recorded.
In the medium term, this reflects a more than twofold increase of 116.8% in comparison to 2020, when only 314.4 million card purchases were completed.
The growth of cashless payments in Serbia is supported by an expanding infrastructure, with over 160,000 POS terminals available for retail transactions by the end of 2024. This figure represents a 17.7% increase from the prior year's total and a 64.6% rise compared to five years prior.
Additionally, the network of ATMs has continued to expand, with 3,218 machines operating by the end of 2024. This marks a 4.5% increase from the end of 2023 and a 5.8% increase compared to the end of 2020.
These developments indicate a significant trend toward electronic payments in Serbia, as the nation transitions away from traditional cash transactions and embraces modern payment solutions.
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