This new initiative allows users to conduct instant mobile payments in alignment with the national payment scheme.
CEC Bank and Libra Internet Bank are the first banks to implement RoPay, while BRD Groupe Societe Generale, ING Bank Romania, BCR, and Banca Transilvania are in the advanced stages of implementation, with plans to launch later in 2024 and in 2025.
RoPay, developed by TRANSFOND, serves as an instant mobile payment initiation service that facilitates direct account-to-account transfers. It utilises various technologies, including QR code scanning, deep links, NFC (contactless), and mobile numbers as proxies for IBANs. Participating banks and merchants can implement multiple payment types based on their strategies.
The rollout of RoPay will be gradual, with banks introducing new features and expanding use cases while users familiarise themselves with the service. The initial use case will focus on proximity-based person-to-person (P2P) payments.
Available 24/7, including weekends and public holidays, RoPay ensures continuous access to funds. Instant payments can be made between accounts at different banks or the same bank without the need for bank details. Consumers can access the service through the mobile banking apps of participating banks, providing a fast payment experience integrated into daily life.
To use RoPay, both the payer and the recipient must have their bank’s mobile banking app, and the bank must support the service. Payments are processed in less than ten seconds, adhering to the highest security standards to protect data and transactions. RoPay enables various use cases, such as person-to-person payments, online shopping, supermarket transactions, and payment for utility bills.
The service operates under the RoPay Scheme, approved by the National Bank of Romania and managed by TRANSFOND and the Romanian Banking Association.
RoPay aims to improve the payment landscape in Romania by offering a new method developed in collaboration with the banking sector. It provides an alternative to cash and card payments, catering to consumer preferences for modern payment solutions. The standardisation through the RoPay Scheme ensures interoperability and simplicity for consumers, banks, payment processors, and merchants. The initiative is expected to be available to all Romanian clients as adoption grows across banks.The development of RoPay aligns with the vision for retail payments articulated by the Romanian Banking Association, reflecting European trends and regulations. As a national product, RoPay adds value to consumers by offering benefits such as speed, lower costs, and continuous availability. This initiative addresses consumer expectations for simplified banking operations while ensuring the security of transactions, data, and funds.
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