The MIA instant payment system was implemented by the National Bank of Moldova and allows instant payments from account to account with a much lower commission than the usual one for cards. The transaction fee for MIA payments for businesses is only 0.8%, compared to rates of 2.2-3.5% for most electronic payment options. They are processed almost instantly – in as little as 10 seconds, unlike card transactions, which can take two to three days.
This allows for much more efficient cash flow management. In addition, consumers get a simple and fast payment option that is also legal and transparent. For payments through MIA, a check can be issued on paper, on delivery or electronically if the entrepreneur is connected to the “electronic tax service MEV” (Monitorizarea electronică a vănzărilor).
“For entrepreneurs, the biggest advantage is that the money arrives instantly. The second is that they pay less. With a significant number of transactions, the effect for businesses is quite noticeable. For B2C transactions, accepting payments through MIA makes sense,” says Genadie Cernei, co-founder of Finergy Tech.
Entrepreneurs who want to use this method of payment for their goods in an online store should contact their bank.
