The National Bank of Moldova announces that from 31.07.2024, the MIA instant payment system is also available for businesses, which initially was launched for individuals.
Flexible and convenient payments for businesses
In the near future, entrepreneurs from all over the country will be able to make instant payments at low prices, regardless of the seller’s bank. These fast and efficient transfers can be made using a QR code or link, which ensures flexibility and convenience of the payment process.
The new payment methods are simple and intuitive for both traders and customers. Transactions can be completed anywhere, anytime, with minimal effort, and funds are available to traders in just 10 seconds. This feature significantly enhances cash flow management, which is crucial for the success of any business.
Low-cost financial transactions
The main advantage for businesses is the single commission of up to 0.8% applied on payment acceptance for most businesses. Furthermore, for social services such as education, hospitals, public transportation, or utility payments, the commission is capped at 0.5%.
How does payment by QR code work
QR code payments allow customers to quickly pay at cash registers by scanning the trader’s code with their mobile phone or financial app.
Merchants can offer three types of QR codes:
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Static QR (with or without a pre-set amount)
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Dynamic QR
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Hybrid QR
How does payment by link work
Link payments provide a convenient and secure alternative. A unique link provided by the service provider directs the customer to a secure payment page, where they can select their preferred financial application and confirm the transaction. Traders can embed the payment link in online stores or send it directly to customers via email, text messages, or messaging apps.
About MIA Instant Payments
MIA instant payments are a payment system developed by the National Bank of Moldova and offered through mobile financial applications of payment service providers (banks, non-bank PSPs) of Moldova. The system has already been mastered by more than 200 thousand single users – individuals who have transferred more than 650 million lei through MIA.
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