Mobile peer to peer payments in Romania getting up
Recent news from Romania announced creation of a new payment method based on account-to-account transfers. The solution was developed by TRANSFOND — Romanian Banking Association, operating in accordance with regulations and authorized by the National Bank of Romania.
RoPay will become a mobile payment solution that combines technologies already familiar to most of population, including NFC and QR codes. The nature of operation will be based on peer-to-peer transfers between individuals, using the recipient's mobile phone number. By linking a bank account to this technology, clients will be able to receive and send payments through the app in just few seconds. More precisely, payment should be completed in less than 10 seconds, according to the plan of RoPay creators. This also aligns with new regulations in the EU, where the aim is to complete any payment in euros in 10 seconds or less.
A distinctive feature of new solution will be its 24/7 availability even on weekends and holidays, as well as its focus on meeting needs of individual clients. Despite this, TRANSFOND clarifies that merchants can also expect payment method to be available for business purposes soon. We can confidently say that RoPay replicates already tested technologies in the world, such as PIX in Brazil or the Fast Payments System (FPS) in Russia. The foundation is the same everywhere — instant transfers using a phone number as a proxy for an IBAN account or scanning a QR code. The choice of operating principle was clearly not made by chance but was based on positive experience of other countries. As we known, PIX literally brought about a payment revolution in Brazil and allowed many people to come out of the grey zone and finally become confident participants in the country financial system. Convenience, speed, and simplicity of payment are always the first qualities expected from any payment solution.
CEC Bank and Libra Internet Bank will be the first banks to connect RoPay, while other major players such as ING Bank Romania, BCR, BRD Groupe Societe Generale, and Banca Transilvania are currently in the development stage and are expected to launch RoPay payment method in early 2025.
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