Serbia’s payments market is moving rapidly toward digital transactions, with card use, point-of-sale infrastructure and instant payments all recording strong growth while cash remains part of everyday commerce. By the end of 2025, Serbia had 13.3 million payment cards, an increase of 9% from a year earlier. The number of active point-of-sale solutions reached 184,700, up 14.8% year on year and almost 89% compared with 2020. Domestic cards generated 195.2 million merchant transactions in the first quarter of 2026, representing an annual increase of 18.7%.
Instant payments accelerate the shift
The transformation extends beyond replacing cash with cards. Payment activity is increasingly incorporating instant transfers, QR payments, digital contracts and financial services directly into retail, mobility and online platforms. Instant payments recorded particularly strong growth. Their number increased 25% year on year to 26.4 million in the second quarter of 2025, while their total value rose 34.5% to RSD334.1 billion.
The expansion of digital payment channels is also changing the relationship between banks and their customers. Banking accounts remain central, but payment, borrowing, saving and financial-advice interfaces can increasingly be provided through marketplaces, telecommunications companies and specialized financial applications.
SEPA expands access to standardized euro payments
Serbia’s admission to the Single Euro Payments Area (SEPA) in May 2025 adds another element to the transformation. Implementation of SEPA services is expected to provide cheaper and more standardized euro transfers for exporters, freelancers and households with links to the Serbian diaspora. The development also increases the importance of digital infrastructure capable of supporting cross-border payment activity alongside domestic services.
SME finance creates space for fintech services
Small and medium-sized enterprises represent another potential area for digital financial services. Many smaller companies generate transaction records but have limited collateral and inconsistent financial documentation. Payment information, invoicing histories and cash-flow data could be used to support faster credit assessment, subject to effective consumer protection and reliable data-consent mechanisms.
Open banking will depend on whether broader access to financial information produces useful services for customers rather than simply adding new procedures and digital interfaces. The expansion of Serbia’s digital-finance market is therefore creating opportunities beyond payment processing itself, with financial institutions and technology providers competing to understand the transactions and business decisions surrounding customers’ payments, borrowing and saving.
