Romania embraces digital payments amid rapid infrastructure growth in 2024

In 2024, Romania witnessed a remarkable surge in the adoption of digital payments, reflecting a broader shift towards a cashless economy. According to data from the National Bank of Romania, the number of active bank cards climbed to 23.4 million by the year's end, representing an increase of nearly one million cards compared to mid-year figures. This growth underscores a growing preference among Romanians for convenient and secure transaction methods, with online card payments emerging as the dominant choice, used weekly by almost 70% of the population.

The transition away from traditional cash handling is evident in the declining use of cards for cash withdrawals. While 16.72 million active cards retained a cash function, this segment saw a significant drop of 5.41 million from June 2024, indicating that consumers are increasingly opting for direct digital transactions. This behavioral change is supported by advancements in technology and infrastructure, making electronic payments faster, more accessible, and less reliant on physical cash.

Key drivers behind the shift to digital transactions

Several factors have fueled this digital transformation. A study titled "Financial Services Digital Transformation 2022-2024" by Exact Business Solutions highlights that bank transfers through internet or mobile banking now account for nearly 50% of all payments, showing consistent growth over the past two years. Mobile payment solutions, such as Google Pay and Apple Pay, have also gained traction, achieving a 27% usage rate among consumers.

Romania's fintech sector has played a pivotal role in this evolution. The launch of RoPay in October 2024, a national instant payment app, has further accelerated adoption by enabling seamless transfers for everyday needs like shopping, bill payments, and peer-to-peer transactions. Romania leads in mobile payment adoption rates among Central and Eastern European countries, as noted in a 2025 OECD report on competition in mobile payment services.

Moreover, the broader economic context has encouraged this shift. With inflation pressures easing after the National Bank of Romania raised its key policy rate to 7% in early 2023, consumers have turned to digital tools for better financial management. The integration of open banking regulations has also facilitated innovation, allowing third-party providers to offer enhanced services and boosting trust in digital platforms.

Expansion of payment infrastructure

The infrastructure supporting digital payments has expanded dramatically in 2024. The number of point-of-sale (POS) terminals reached 529,520, marking an increase of 39,346 units from June. Similarly, electronic funds transfer at point-of-sale (EFTPOS) points grew to 527,277, up by 38,161. This development has extended electronic payment options to smaller retailers and rural areas, where cash once predominated.

Visa, a major player in the market, reports that Romania has 22 POS terminals per 1,000 inhabitants, still below the European Union average of 39, indicating substantial room for growth. To address this, Visa launched the ePOSibil program in partnership with Romanian SMEs, aiming to equip around 135,000 small and medium-sized merchants with payment terminals. This initiative not only promotes digital inclusion but also stimulates local economies by reducing transaction costs and improving efficiency.

The POS terminals market in Romania is projected to grow at a compound annual growth rate (CAGR) of 11.68% over the next five years, driven by demand from retail, hospitality, and e-commerce sectors. Companies like Ingenico and OTP Bank are key contributors to this expansion, providing advanced hardware and software solutions tailored to local needs.

Market projections and economic impact

The digital payments market in Romania is poised for continued expansion, with projections estimating a value of approximately 37 billion euros in 2025, reflecting a 24% annual growth rate. This aligns with Statista's forecast of US$37.46 billion in transaction value for 2025, highlighting the sector's robustness.

Closely tied to this is the booming e-commerce market, which achieved 7.7 billion euros in 2024 and is expected to surpass 8 billion euros in 2025. Factors such as increased smartphone penetration and improved logistics have propelled this growth, with platforms like MerchantPro noting a new record in market value. When including related digital services, the total e-commerce ecosystem could exceed 10 billion euros by mid-decade.

Banca Transilvania, a leading financial institution, exemplifies this trend. By June 2025, the bank reported over 5.2 million unique cards registered in digital wallets, with mobile payments rising 30% year-over-year to 150 million transactions. Throughout 2024, Banca Transilvania's card portfolio grew to 6.6 million by September, including 4.2 million digital enrollments in apps like BT Pay.

This digital shift has broader economic implications, including enhanced financial inclusion and reduced informal economy activities. Studies indicate that a 1% increase in digital payment adoption can boost GDP growth by 6-8%, positioning Romania for sustained economic development.

Challenges and future outlook

Despite the progress, challenges remain. Cash still holds a share in point-of-sale transactions, though it declined by several percentage points between 2020 and 2024. Cybersecurity concerns and the need for digital literacy in older demographics could hinder full adoption. Initiatives like the acceleration of digital ID systems, as discussed in reports from Payments Cards & Mobile, aim to mitigate these issues by streamlining verification processes.

Looking ahead, Romania's fintech landscape is set to evolve further. The 2025 Fintech Report for Romania and Bulgaria emphasizes the role of regulatory support from the National Bank of Romania, which has fostered innovation through sandboxes for fintech startups. With the European Union's focus on digital payments promoting growth, Romania is well-placed to narrow the gap with Western European counterparts.

Key benefits of this transition include:

As Romania continues to digitize its payment systems, the emphasis on collaboration between banks, regulators, and technology providers will be crucial for maintaining momentum.