North Macedonia
North Macedonia, an upper-middle-income country in Southeast Europe, has shown economic resilience despite several challenges. The diverse economy benefits from strong sectors in services, industry, and agriculture. Economic growth is expected to improve in the coming years, supported by reforms and strategic investments.
In 2023, North Macedonia's GDP grew by 1.2%, driven by private consumption and public investment. For 2024, GDP growth is projected at 3.0%, supported by a recovery in exports and strong domestic demand.
Inflation is expected to decrease from 9.6% in 2023 to around 5.5% in 2024, as global commodity prices stabilize. The unemployment rate is projected to remain around 15.5%, reflecting gradual improvements in the labor market.
Fiscal policy indicates a fiscal deficit of approximately 4.6% of GDP in 2024, driven by increased public spending on infrastructure and social programs. The government focuses on fiscal consolidation and public sector efficiency to ensure sustainable economic growth.
Top banks
Komercijalna Banka
Komercijalna Banka is among the largest banks in North Macedonia, providing a comprehensive range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Komercijalna Banka delivers trusted and professional Macedonian banking services.
NLB Banka
NLB Banka is a trusted bank in North Macedonia, offering a full range of banking products and services for both retail and corporate clients. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, NLB Banka provides reliable and professional Macedonian banking services.
Stopanska Banka
Stopanska Banka is a major player in the Macedonian banking sector, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Stopanska Banka combines expertise with a strong local presence. Discover reliable and professional banking services in North Macedonia with Stopanska Banka.
Halkbank
Halkbank is a prominent state-owned bank in Turkey, specializing in retail banking and SME financial solutions. The bank supports Turkey’s economic growth by providing accessible loans, trade finance, and digital banking services. Halkbank plays a vital role in strengthening Turkey’s domestic economy and promoting financial inclusion for individuals and businesses across the country.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
North Macedonia's economy is poised for recovery, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Готовина)
Cash remains a widely used payment method in North Macedonia, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash is still a significant part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive, with major card networks like Visa and MasterCard widely accepted. The adoption of contactless payment methods is growing, driven by convenience and technological advancements.
Bank Transfers (Банкарски трансфери)
Bank transfers (Банкарски трансфери) in North Macedonia are commonly used for larger transactions, including real estate purchases, business payments, and utility bills. North Macedonia’s modern banking system provides fast and secure domestic and international money transfers, making Банкарски трансфери a reliable and convenient payment method. With the growing adoption of online banking and digital payment platforms, managing financial transactions in North Macedonia has become more efficient and accessible for both individuals and businesses.
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions, offering secure and efficient ways to pay for goods and services online.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards are used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in North Macedonia, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, but widespread acceptance is still in its early stages.
About Processing News
You Won’t Learn This in Business School – Real Industry Insight
The global payments industry evolves faster than ever — powering everything from digital banking to eCommerce transactions. Yet few truly understand how payment processing, fintech innovation, and financial technology shape the world economy. That’s where Processing News comes in. At Processing News, we don’t just report on the payments ecosystem — we’ve built, run, and innovated within it. Our team of experts includes former fintech executives, payment system architects, compliance officers, and technology insiders who bring real-world experience to every article. We launched Processing News to be the Wikipedia of Payments — accessible, in-depth, and always accurate. In an era of clickbait and recycled press releases, we deliver trusted payments journalism rooted in industry expertise and data-driven analysis. Whether it’s new payment regulations, card network updates, emerging fintech startups, or fraud prevention trends, we provide clear, credible insight into what truly drives the global payment processing industry.
Welcome to Processing News — Real people. Real experience. Real payments journalism.
Contact us:
