Country _ Name
Payment services
FinTechs 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.


Attitude of the country towards modern payment services

World Bank studies show that the Albanian economy is characterised by a high use of cash. The adoption of a new law on payments services in no. 55/2020 (PS Law) is expected to encourage the intensive use of modern payment instruments, aiming to achieve about 10 payments per year "not with physical money" per capital, by the end of 2022, as well as increase opportunities for access to payment accounts, reaching an account ownership ratio of 70% of the adult population by 2022.

The main objectives of the PS Law in the country are three (3): promoting competition and creating innovative financial services; better consumer protection; and expansion of the representation of institutions providing payment services throughout the territory of the Republic of Albania.

The benefits anticipated from the PS Law, are the following –

  • positive impact on the country's EU integration process, due to easier integration with the Single Euro Payment Area.
  • promoting and expanding the financial inclusion of the population.
  • increasing competition between operators in the market by reducing the costs of the services.
  • encouraging the wider use of electronic payment instruments by reducing the use of cash in the economy.
  • promoting higher transparency through real-time information and enabling better consumer protection.
  • enabling payment institutions to provide services that to date have been the prerogative of the banking sector.

Having said the above, considering that a part of the Albanian economy is still informal, the cash economy is still flourishing, and therefore, the full integration of the payment system will take time.

Legal affairs

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

The payment services are covered by the Law on Payment Services no. 55/2020 which has approximated the PSD2 directive in Albania. Under the PS Law, the payment service activity may be performed only after obtaining a license issued by the central Bank of Albania (BoA). 

The services that fall within the scope of the PS Law are the following:

  1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
  2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
  3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
    1. a) execution of direct debits, including one-off direct debits;
      b) execution of payment transactions through a payment card or a similar device; and
      c) execution of credit transfers, including standing orders.
  4. Execution of payment transactions where the funds are covered by a credit line for a payment service user:
    1. a) execution of direct debits, including one-o



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