Serbia’s Digital Economy Expands Into Payments, E-Commerce and Enterprise Technology

Serbia’s digital economy is broadening beyond software exports into a market that increasingly supports retail, financial services, logistics, taxation, enterprise management and public administration. Growth in information and communications technology exports, rising online commerce, expanding digital payments and investments in artificial intelligence infrastructure are reshaping both export-oriented technology businesses and the domestic operating environment.

Official figures show ICT services exports reached €4.552 billion in 2025, an annual increase of 10%, while the sector generated a trade surplus of €3.529 billion. Exports totalled €471 million in December 2025, representing the highest monthly figure reported in the official data.

The sector is developing along two distinct tracks. One consists of export-focused software development, cloud services, gaming, artificial intelligence, research and development, testing, customer platforms and data engineering. The second is centred on domestic digitalisation through e-commerce, enterprise resource planning, electronic invoicing, online payments, fiscal systems, cybersecurity, digital marketing, fulfilment services and automation for small and medium-sized enterprises.

Digital Adoption Expands Across Consumers and Businesses

Digital connectivity has become widespread across Serbia. According to the Statistical Office, 90% of individuals used the internet during 2025, while 84.7% of internet users maintained social media accounts. Broadband connections were available in 90.1% of households.

Business adoption also continued to increase. Broadband internet reached 100% of enterprises employing at least 10 people, 81.5% of small businesses operated their own websites, and 10.1% of companies reported using artificial intelligence technologies during 2025.

The widespread availability of digital infrastructure has shifted commercial priorities from basic internet access to the integration of digital channels with sales, payments, customer retention and operational management. The market continues to create opportunities for enterprise software providers, ERP integrators, payment companies, fulfilment operators, digital agencies and performance marketing specialists.

Online Commerce Maintains Strong Growth

E-commerce continued to expand during 2025. The National Bank of Serbia recorded 110.6 million online purchases using payment cards and electronic money, representing annual growth of 34.3% compared with 82.4 million transactions in 2024 and more than five times the 21.2 million purchases registered in 2020.

Average daily transaction volume exceeded 303,000 purchases, while the number of domestic online stores reached 5,632 by the end of 2025, an increase of 906 over the previous year and approximately 2.8 times the number operating at the end of 2020.

Online purchases denominated in Serbian dinars totalled 78.6 million transactions valued at RSD 237.4 billion during 2025. Euro-denominated online payments reached 23.8 million transactions worth €1.024 billion. Although the number of dollar-denominated transactions declined to 6.1 million, their total value increased to $244.5 million. The National Bank of Serbia notes that these figures exclude cash-on-delivery transactions, indicating that card and electronic-money statistics do not capture the full size of Serbia’s e-commerce market.

Private-sector estimates place Serbian e-commerce revenue at approximately $916 million in 2025, with expected growth of 5% to 10% during 2026. Online retail continues to account for only around 5% to 10% of total retail sales. ECDB identifies Hobby & Leisure as the largest product category, representing 28% of market revenue, while cash on delivery remains the dominant payment method and WooCommerce is the most widely used e-commerce platform among Serbian retailers.

Payment Systems Support Digital Transactions

Electronic payments continue to record strong growth alongside online retail. Serbia’s IPS instant payment system processed 50.7 million instant payments during the first half of 2025, an increase of 24.8% compared with the previous year. The total value of instant payments rose 37.1% to RSD 628.7 billion. The system supports QR code payments, mobile transfers, online transactions and point-of-sale payments, while the National Bank of Serbia identifies Ananas.rs among the platforms accepting instant payments.

Cross-border online sales also received regulatory support. In April 2026, NALED reported that the National Bank of Serbia confirmed domestic online merchants may charge non-resident customers in foreign currencies for internet sales. The measure removes the requirement for foreign customers to complete purchases in Serbian dinars at checkout.

Growth opportunities between 2026 and 2028 are expected across consumer electronics, fashion, hobby and leisure products, pharmaceuticals and personal care, grocery retail, quick commerce, home furnishings, DIY products, online education, ticketing, tourism services, business-to-business procurement platforms and export-oriented direct-to-consumer brands.

Artificial Intelligence Infrastructure Expands

Government investment continues to strengthen Serbia’s digital infrastructure. Public investment has focused on artificial intelligence, cloud computing and the Kragujevac State Data Centre. According to the Office for IT and eGovernment, the National AI Platform currently operates 4 Nvidia DGX A100 systems, 32 GPUs, 150 TB of storage capacity and 5 PetaFlops of artificial intelligence computing performance.

A planned upgrade during 2025 will expand the platform to 6 Nvidia DGX H200 systems, 48 GPUs, an additional 120 TB of storage and 32 PetaFlops of computing performance. A third national supercomputer is scheduled for 2026.

The infrastructure supports wider adoption of artificial intelligence across customer service, demand forecasting, warehouse management, fraud detection, personalised marketing, automated accounting, document processing, pricing systems and inventory forecasting, particularly among businesses seeking greater operational automation.

International Technology Investment Strengthens the Sector

Foreign research and development operations continue to expand Serbia’s technology ecosystem. The U.S. Commercial Service identifies Oracle, Rivian, Microsoft, NCR Atleos, NCR Voyix, Cisco and IBM among multinational companies operating research and development centres or campuses in the country.

The organisation also reports that Serbian technology companies develop software for agriculture, healthcare, tracking systems, cloud applications, online gaming and software testing, while approximately 115,000 people are employed across the country’s ICT sector.

The European Commission’s 2025 Serbia Report states that Serbia is moderately prepared in digital transformation and media, that digital public services approach the EU average in several areas, and that businesses are actively participating in e-commerce. The report also identifies uneven digital connectivity in rural areas and limited support mechanisms that continue to constrain digital adoption among small and medium-sized enterprises.

Enterprise Digitalisation and Compliance Demand Increase

Enterprise digitalisation is increasingly focused on integrating commercial operations rather than simply establishing an online presence. Businesses are adopting systems that connect online stores with inventory management, payment processing with accounting, customer information with marketing platforms, logistics with delivery tracking and management reporting with sales and cash-flow data.

Electronic invoicing forms part of this transition. Serbia’s Electronic Invoice System became mandatory for private-sector business-to-business invoice issuance and storage on 1 January 2023. The official electronic invoicing platform provides application programming interface documentation, XML standards, VAT recording tools and technical guidance, creating demand for software developers, ERP consultants, accounting technology providers and API integration specialists.

Retailers increasingly require integrated webshops, marketplace connectivity, SEF-compatible invoicing, VAT documentation, payment reconciliation, warehouse management, customer analytics and performance marketing tools. Export-oriented digital businesses also require foreign-currency payment collection, subscription billing, contractual documentation, data protection and cross-border tax compliance, while industrial companies are expanding business-to-business portals, procurement automation and supplier data management.

Operational Challenges Remain

The market continues to face operational constraints including continued reliance on cash on delivery, fragmented logistics networks, high shopping cart abandonment rates, inconsistent customer-service standards, uneven digital capabilities among small businesses, dependence on imported digital platforms and increasing competition from international marketplaces.

Domestic retailers compete not only with local businesses but also with cross-border e-commerce platforms and global brands capable of operating with lower margins while serving Serbian consumers through international digital channels.