Development of Bank Payment Systems in the Digital Economy of the Republic of Moldova

Payment systems represent an integral part of the banking industry. In the modern world, convenience is essential and because of the increasing requirements of people towards reduced costs, faster processing period, increased security, and effortless operation process, digital banking is becoming more and more popular among population, constituting already a significant component of their lives, what can be explained with 65.3% of customers using online platforms for financial management and transactions. Credit cards, e-cash, internet, mobile, QR code, and e-check payments are few examples of payment methods that a closely associated with people's daily lives nowadays. The efficient and secure operation of payment systems is essential not only for each individual separately, but also for the economy's financial system overall performance. Thus, using robust payment systems is essential to maintain and enhance financial stability. In recent years, there has also been a significant breakthrough in the design of payment systems, especially with regard to the development and widespread adoption of systems that use real-time gross settlement. The object of the study is the development of bank payment systems in the context of digital economy in the Republic of Moldova. The purpose of the research is the analysis of digital payment systems in the banks of the RM, pursuing the activities taken for the sustainable implementation of innovations in the field at national level, assuming the international practice