Serbia
Serbia, an upper-middle-income economy in Central Europe, has shown economic resilience despite numerous challenges. The country's economy is highly industrialized, with strong sectors in energy, automotive, machinery, mining, and agriculture. Economic growth is expected to accelerate in the coming years, supported by ongoing reforms and foreign and domestic investments.
In 2023, Serbia's GDP grew by 2.5%, driven by a better-than-expected performance in agriculture, construction, and energy sectors. Economic growth is projected to accelerate to 3.1% in 2024 and 3.7% in 2025, supported by domestic demand and strategic investments.
Inflation in Serbia, which peaked at 16.2% year-on-year in March 2023, has gradually declined to 10.2% by September. It is expected to continue decreasing, reaching single-digit inflation by 2024. The unemployment rate is projected to remain stable and gradually decline, reflecting improvements in the labor market.
Serbia's fiscal deficit is expected to narrow due to tighter fiscal policies and reduced energy-related subsidies. The country is focusing on structural reforms, especially in the energy sector, to ensure long-term economic growth and financial stability.
Serbia is also experiencing rapid growth in its digital economy, driven by e-commerce, fintech solutions, and digital payment adoption. Online payments, mobile wallets, card payments, and bank transfers are increasingly popular among Serbian consumers, facilitating secure and convenient digital transactions. The country is seeing a rise in cross-border e-commerce, contactless payments, and innovative payment providers, which support both retail businesses and SMEs. As internet penetration grows, Serbia’s fintech sector continues to expand, attracting foreign investment and fostering financial inclusion for individuals and businesses alike.
Top banks
Banca Intesa Beograd
Banca Intesa Beograd is one of the largest banks in Serbia, offering a wide range of financial services to individuals and businesses.
Komercijalna Banka
Komercijalna Banka provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Unicredit Bank Serbia
Unicredit Bank Serbia is a significant player in the Serbian banking sector, offering various financial services and maintaining a strong market presence.
Raiffeisen Bank
Raiffeisen Bank Serbia 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
Serbia'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 (Gotovina)
Cash remains a widely used payment method in Serbia, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash is still an important part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive, with major networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods is growing, driven by convenience and technological advancements.
Bank Transfers (Bankovni Transferi)
Bank transfers (Bankarski transferi) are widely used in Serbia for business payments, real estate transactions, utility bills, and salary transfers. The Serbian banking system ensures secure, fast, and reliable domestic and international money transfers. With online banking, wire transfers, and electronic funds transfers (EFT), both individuals and businesses can manage payments efficiently and conveniently.
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps, are gaining popularity. These methods offer convenient ways 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 digital economy's growth.
Prepaid Cards
Prepaid cards are used by individuals who do not have access to traditional banking services. These cards are particularly popular among the youth and for online shopping.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Mexico, particularly Bitcoin.
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