Podgorica, (MINA-BUSINESS) – The Council of the Central Bank of Montenegro (CBCG) has adopted a set of regulations completing the legal, operational and tariff conditions required for the launch of the instant payment system in Montenegro.

“The system will be launched on Monday, from which point citizens and businesses will be able to make domestic payments within just a few seconds, 24 hours a day, every day of the year, including weekends and public holidays,” the CBCG said in a press release.

The CBCG Council adopted a Decision limiting the fees charged for executing instant credit transfers.

“This decision caps the fee for domestic instant payments of up to €200 made through mobile or internet banking at a maximum of five cents. The same limit applies to receiving instant payments of up to €200,” the press release reads.

This means that for the most common everyday payments, such as electricity, water or telephone bills, citizens and businesses will pay a maximum of five cents instead of the previous average fee of 32 cents, provided that the payment is made electronically.

“With this decision, the CBCG ensures that the new service is available from the outset at an affordable price, while at the same time encouraging citizens and businesses to make greater use of mobile and internet banking instead of paper payment orders and counter services,” the press release reads.

According to CBCG estimates, based on the current volume of electronic transactions, annual savings for citizens and businesses could amount to around €1 million. As more users switch to electronic instant payments, potential savings could reach up to €2.8 million per year.

Instant payments will be available for money transfers between individuals and legal entities in Montenegro, up to €3,000 per individual transaction. These transactions account for nearly 80 percent of all payments.