Instant payments, contactless technology to reduce cash dependency in Slovenia

Monday 1 July 2019 13:27 CET | News

Slovenia’s first instant payments clearing system, RealTime24/7, by Bankart and Nets is expected to reduce consumers’ dependence on cash, as GlobalData suggests.

The company’s report, Payments Landscape in Slovenia: Opportunities and Risks to 2022, states that cash remains the preferred method of payment in Slovenia, accounting for 52.9% of total payment transaction volume in 2018. However, with the introduction of RealTime24/7, coupled with growing adoption of contactless payments, the share of cash within the overall payment volume will drop to 47.5% in 2022.

Other key findings:

  • the number of contactless cards reached 2.4 million in 2018, up from 1.4 million in 2016;

  • card payment value recorded a compound annual growth rate of 7.1% during 2014–18, rising from EUR 4.8 billion (USD 5.5 billion) to EUR 6.4 billion (USD 7.3 billion); this figure is set to reach EUR 8.6 billion (USD 9.9 billion) in 2022.

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Keywords: instant payments, contactless payments, cash, Slovenia
Countries: World

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