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Financial Inclusion and Compliance in Slovenia: A Step Towards Efficient Payments Market
Slovenia is taking significant strides towards enhancing financial inclusion and compliance in its country. The European Commission has partnered with the Bank of Slovenia and National Payments Council (NSC) to develop an efficient retail payments market. This project aims to bridge the gap between different stakeholder groups and identify measures that can support further development of retail payments in Slovenia.
Understanding Stakeholders’ Expectations
According to experts, it is crucial to get a comprehensive understanding of all relevant stakeholders’ expectations, behaviors, and preferences in the area of payments while taking into account EU-level developments. This will enable innovation that meets the needs of various users, including:
- Consumers
- Banks
- Merchants
- Associations
- Fintech companies
- Processors
Data Collection and Analysis
A key aspect of the project was collecting primary data on payments for the Slovenian market through:
- Questionnaires
- Focus groups
- Bilateral interactions with key players
- Secondary data from selected countries to get a better understanding of best practices in the industry.
Strategic Initiatives for Retail Payments Market Development
The project has identified seven potential strategic initiatives that can support the development of the retail payments market in Slovenia, including:
- Improved payment infrastructure: Enhance the existing payment infrastructure to support faster and more efficient transactions.
- Increased adoption of digital payments: Promote the use of digital payments among consumers and merchants.
- Enhanced security measures: Implement robust security measures to protect users’ data and prevent cyber threats.
- Simplified payment processes: Streamline payment processes to reduce complexity and costs.
- Increased financial inclusion: Ensure that all segments of the population have access to affordable and convenient payment services.
- Reducing informal economy: Curbing the informal economy by promoting formal payment channels.
- Innovation and technical development: Encourage innovation and technical development in the retail payments market.
Expected Results
The expected results of this project include:
- Increased efficiency and effectiveness of Slovenian payments ecosystems
- Ensuring that the retail payments market evolves in line with stakeholders’ expectations
- Supporting innovation and technical development
- Reducing costs related to provision and use of payments
- Maintaining financial inclusion, especially among vulnerable segments of the population
- Curbing the informal economy in Slovenia
As the project comes to a close, it is clear that financial inclusion and compliance are top priorities for the Slovenian government. With this project, they aim to create a more efficient, effective, and inclusive retail payments market that meets the needs of all stakeholders.