Name
Global FinTech Guide
Country _ Name
Serbia
SectionTitle
Payment services
Body
inTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.

Introduction

Attitude of the country towards modern payment services

Payment services in Serbia may be provided only by the locally licensed banks, payment services providers and electronic money providers. Payment services are regulated in the Law on Payment Services ('PS Law'). The newly adopted amendments to the PS Law started to apply from 6 May 2025. By the amendments, the PS Law is harmonised with the EU’s PSD2. The goal of the amendments is support of innovations on the market and promotion of increased competition and transparency in the area of payment services, as well as better payment security and protection of payment services users.

In case these services are provided in Serbia from abroad, besides licensing issues, the services providers must also be aware of very strict foreign exchange rules aimed at monitoring outflows of cash from the country which are set out in the Law on Foreign Exchange ('Forex Law') and bylaws. Forex Law regulates in detail payments to/from abroad and should be observed in case of cross-border payments. This law is interpreted by the NBS restrictively in the manner that only transactions that are explicitly regulated by the law are permitted, whereas transactions which are not recognised by the law are prohibited.

The latest novelties in Serbia's payment strategy and new payment services, as reported by the National Bank of Serbia (NBS), include the country's official inclusion in the Single Euro Payments Area (SEPA) as of May 2025. This marks a significant advancement in aligning Serbia’s payment systems and regulations with European Union standards, facilitating more efficient, safer, and cheaper euro transactions with SEPA member countries.

Additionally, Serbia is witnessing significant fintech developments, exemplified by companies like Paysend expanding their technology hubs in Belgrade, which supports innovation in digital payments and cross-border money transfers.

In 2018, the NBS introduced an instant payment system (IPS system) that gives users the possibility to transfer funds any time of the day, 365 days a year, through standard channels for initiating transactions (bank tellers, mobile and electronic banking applications), but many other functionalities as well. As of July 2025, this service is available at the tellers of the Post of Serbia.

Modern payment services currently centered around banks and services they are able to provide in this area. Banks are increasingly focusing on digitalization of payment services and remote conclusion of the agreements on financial services with the use of video-identification of the clients


Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

In the Republic of Serbia provision of payment services is a regulated activity and may be performed only by the local entities licensed by the NBS. It is not possible to apply for a 'passport' of a foreign license in Serbia. Payment services may be provided by the banks, payment services providers and electronic money providers.

The documents necessary for obtaining the license are listed in the PS Law and relevant NBS decisions/by-laws and include for example business plan, list of payment services to be provided, as well as descriptions of risk management systems, organizational structure, internal control and audit, participation in payment systems, capital requirements proof, etc.

Registration costs include a fee to be paid to the NBS amounting to approximately EUR 1,900 for license for incorporation. Costs may also include translation services for the documents required from the NBS, and lawyers' and financial advisors' costs for preparation of these documents. Minimum capital requirements are EUR 10 million for ? bank, EUR 20,000 to EUR 125,000 for a payment institution (depending on the type of payment services which will be covered by the license), and EUR 350,000 for electronic money institution. All payment services within the scope of the PS Law require a license, except in cases explicitly excluded under the PS Law (e.g., payment transactions in cash, transport of cash, exchange services in cash, etc.).

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area

Amendments to the PS Law also bring a regulatory sandbox mechanism for testing new types of services without complying with the regulatory requirements and incurring associated costs. Specifically, the NBS may prescribe closer conditions under which a company or a payment service provider may be exempted from the application of all or specific provisions of the Law in a defined period, for testing of the service, if such service is by nature such to contain a certain degree of innovation due to which it could be considered as new or significantly enhanced payment service compared to payment services already provided in Serbia. Such bylaw has not yet been adopted by the NBS, however, this may be expected as part of the continued policy of the regulator to encourage innovations in the payment services area.


Economic conditions

Market size for payment services and biggest payment service providers

In July 2025, there are 19 banks, 8 payment institutions and 6 electronic money institutions. The merger of Eurobank Direktna Banka with AIK Bank was finalized on March 31, 2025, making AikBank the third largest bank in Serbia with total assets of 6.4 billion euros. According to the business results for 2024, the banks in Serbia with the highest market share remain Banca Intesa, OTP Srbija and Raiffeisen bank.

Additional comments regarding the economic situation for payment services or what FinTech’s must be aware of in this business area

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