The Lithuanian-founded electronic payment network, Paysera, which provides a current account, money transfers, and in-store payment gateway services, is expanding to Albania. Paysera Albania, the third company of the Paysera network in the Balkans, is opening in the capital city, Tirana.
Paysera continues to expand in the Balkans: launched in Albania, eyeing Serbia
© Shutterstock

"Albania is a candidate for EU membership. It is therefore undergoing the necessary reforms for integration and the economy is being modernised. There is definitely a niche for electronic payment businesses, as about 96% of daily payments in the country are currently made in cash. Other Balkan states – Serbia, Bosnia – also remain on the radar of our development. We see the whole region as a compressed spring: modernised economies that have become part of the EU's single market have the potential to shoot up in the future. When that time comes, we will be well known in these markets,” says Vytenis Morkūnas, CEO of Paysera LT.

V. Morkūnas suggests that the development of the Lithuanian fintech in the Balkans is a good message for Lithuanian businesses that trade with Balkan companies or are starting activities in this region. According to the World Bank, Albania is similar to Lithuania in terms of population (2.9 million), but the country's current GDP is equal to Lithuania's GDP back in 2002-2003.

V. Morkūnas claims that although reforms related to EU integration are being carried out in Albania, high cross-border transfer rates applied by local financial institutions are not working for the benefit of businesses in terms of establishing ties with Western countries.

"It is unusual for us in northern Europe to see that a business in the south-east of the same continent pays a commission fee of EUR 40 for a transfer in euro to a customer or supplier inside the EU. We are going to change that fundamentally. From now on, transfers in euro to SEPA banks will cost local businesses mere cents, and remittances in euro to non-SEPA countries – Serbia, Turkey – several euro," says V. Morkūnas.

Vytenis Morkūnas
Vytenis Morkūnas
© Bendrovės nuotr.

Paysera Albania has already started recruiting and financial services will be offered by the fintech company to local residents and businesses once it is granted an e-money institution (EMI) licence by the Central Bank of Albania. The licence is expected to be obtained by the end of this year.

The Paysera network is expanding abroad on a joint-action basis through local partners. Activities abroad are coordinated through Paysera LTD, a company registered in the United Kingdom. Currently, the Paysera network includes companies in Lithuania, Latvia, Estonia, Romania, Bulgaria, Kosovo, and Albania.

Paysera plans to expand to other Balkan states in the coming years as well and is also looking for partners in Turkey, South America, and other countries.

It is forbidden to copy the text of this publication without a written permission from DELFI.

Delfi’s Lie Detector – the best fact-checking success story in Europe, to be introduced at international Facebook event

Delfi team from the project Lie Detector , which fact-checks the content distributed on social...

Grigeo Klaipeda faces fine up to EUR 5 mln

A year after Grigeo Klaipeda, a Klaipeda-based cardboard producer that is part of the Grigeo group,...

Minister says temporary economic difficulties due Belarus sanctions 'justified'

Lithuanian Economy and Innovation Minister Ausrine Armonaite says that temporary economic difficulties...

US institutions' probes of commercial banks come into Lithuanian lawmakers' focus

Lithuanian lawmakers vow to look into the situation around US institutions' alleged investigations...

MP: Belarusian spa's workers must understand the risks

Employees of Belorus, a Belarusian state-owned spa whose bank accounts have been frozen due to EU...

Top news

First month in office of new government: who garnered most media

Health Minister Arunas Dulkys garnered the most media attention in the first month in the office of...

Lithuania registers 13 pct more deaths in 2020

Lithuania registered 13 percent more deaths in 2020 than in 2019, the country's statistics office said...

Four-week Pfizer/BioNTech vaccine shipments cut in half

Pfizer and BioNTech, manufacturers of a COVID-19 vaccine, have cut in half the shipments of vaccine...

Christopher Jasper, Justin Bachman, Charlotte Ryan and Will Davies | D+

Airlines try ultra-cheap fares to get the world flying again

The nightmare year of 2020 brought the airline industry’s first decade of sustained profitability to...

Presidential adviser: Lithuania goes back to idea of developing long-term strategy on Belarus

Foreign Policy Coordination Council under the Lithuanian presidential office has proposed going back...