Romania
Romania, a developing country in Eastern Europe, has shown resilience despite numerous challenges. The nation's economy is diverse, with strong sectors in services, industry, and agriculture. Economic growth in Romania is expected to pick up in the coming years, supported by government reforms, foreign investments, and a growing digital economy.
In 2023, Romania's GDP grew by 2.1%, driven by private consumption, public investment, and increasing activity in e-commerce and digital payments. The economy is projected to accelerate to 3.3% in 2024, supported by higher real disposable incomes, business investments, and robust public infrastructure projects, despite weaker external demand from main EU trading partners.
Inflation in Romania is projected to decline from 9.7% in 2023 to 5.9% in 2024, and further to 4% in 2025, as global commodity prices stabilize. The unemployment rate in Romania is expected to remain relatively stable, around 5.5% in 2024, reflecting improvements in the labor market and increased opportunities in the technology and manufacturing sectors.
Romania's fiscal deficit is expected to increase to 6.9% of GDP in 2024, driven by high government spending, particularly on public wages, pensions, and social programs. The debt-to-GDP ratio is forecast to reach 50.9% in 2024, reflecting the need for fiscal consolidation, economic efficiency improvements, and sustainable growth strategies.
Top banks
Banca Transilvania
Banca Transilvania is one of the largest banks in Romania, offering a wide range of financial services to individuals and businesses.
BRD - Groupe Société Générale
BRD provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
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Banca Comercială Română (BCR)
BCR is a significant player in the Romanian banking sector, offering various financial services and maintaining a strong market presence.
UniCredit Bank Romania
UniCredit Bank Romania offers a variety of banking and financial services, focusing on both retail and corporate clients.
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
Romania'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 (Numerar)
Cash remains a widely used payment method in Romania, 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 in Romania, with major card networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods is growing, driven by convenience and technological advancements.
Bank Transfers (Transferuri Bancare)
Bank transfers in Romania are commonly used for larger payments, such as business transactions, real estate deals, and utility bills. Romania’s banking system allows for secure domestic and international transfers, making it a reliable option for individuals and businesses. With online banking, managing money has become fast, safe, and convenient.
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps like BT Pay and Pago, are gaining popularity. These methods offer 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. They provide secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
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 Romania, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, but widespread acceptance is still in its early stages.
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