Payment methods in Montenegro
SEPA inclusion approved in November 2024 — a landmark step toward EU payment integration
Market takeaways
- SEPA inclusion approved in November 2024 — a landmark step toward EU payment integration
- Internet payment users tripled from ~75,000 to ~225,000 between 2020 and 2024
- Mobile payment users grew from ~72,000 to over 208,000 in the same period
- Online retail share is 6.4% and forecast to grow to 9.6% by 2028 at 10.4% CAGR
- Montenegro uses EUR without eurozone membership, simplifying payments with EU trading partners
Population
0.62M
Online population
~0.55M (~89%)
Banked population
~90%
Credit card population
~50%
E-commerce of total retail
~6.4%
Payment method breakdown
- Cash on Delivery40%
- Card40%
- Bank Transfer12%
- E-Wallet6%
- Other2%
Card scheme breakdown
- Visa52%
- Mastercard44%
- American Express2%
- Local Schemes1%
- Other1%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Montenegro
All payment methods available in this market, sorted by prominence.
PayPal
Global digital wallet and checkout provider with broad e-commerce coverage.
Bank Transfer (Internet & Mobile Banking)
Generic online and mobile bank-transfer methods (internet banking, e-banking, EFT and interbank transfers). Customers pay directly from their bank account via their bank's own online/mobile banking portal. Implementation and rails differ by country, but the consumer flow is a standard account-to-account bank transfer.
Mastercard
Mastercard is a leading global card network supporting credit, debit and prepaid card payments online, in-store and at ATMs worldwide. In the listed countries it is a core internationally accepted scheme.
Visa
Visa is the world's largest card network, enabling credit, debit and prepaid card payments online, in-store and at ATMs across virtually every market. In the listed countries Visa is a core internationally accepted scheme alongside local methods.
Aircash
Croatia's leading multi-currency mobile wallet expanding across the Balkans, offering online payments and a prepaid Mastercard. Operator: Aircash d.o.o.. Est. users: 1M+ users (2024).
Internet Banking Transfer
Online banking used for bill payments and some e-commerce transactions. The National Bank of the Republic of Macedonia (NBRM) publishes payment statistics showing steady growth in electronic transactions.
Mobile Banking Apps
Mobile payment users grew from approximately 72,000 to over 208,000 between 2020 and 2024. Corporate mobile payment users increased thirteenfold (4,000 to 52,000). Banks offer mobile apps enabling account management and payments.
Internet Banking
Corporate internet banking users grew from 20,700 to over 76,000 between 2020 and 2024. Individuals also use online banking for bill payments and e-commerce. Electronic bank transfers are available to e-commerce businesses.
Cash on Delivery (COD)
The single most-used payment method, with approximately 45-47% of e-commerce orders still settling in cash at delivery. Consumer distrust of online payments remains the primary driver. Most major Serbian logistics providers (Post of Serbia, DExpress, etc.) offer COD collection.
Featured banks in Montenegro
All banks operating in this market, sorted by prominence.
OTP Bank
Budapest, Hungary
OTP Bank is Hungary's largest bank and the dominant financial institution in the country, with significant regional presence across Central and Eastern Europe and the Balkans.
Banque Internationale à Luxembourg (BIL)
Luxembourg City, Luxembourg
BIL (Banque Internationale à Luxembourg) is one of Luxembourg's oldest banks, offering retail, private banking, and corporate banking.
Hipotekarna banka Montenegro
Podgorica, Montenegro
Hipotekarna banka is one of the largest banks in Montenegro, offering retail and corporate banking.
Other Banks — Montenegro
Podgorica, Montenegro
Aggregate of all remaining banks in Montenegro, collectively ~80.0% of domestic banking assets.
