In this article we will understand why this functionality is needed and how to use it.
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Launch of functionality allowing to transfer money without commission fees
On 12 March, the presentation and launch of a new commission-free money transfer system took place. Representatives of the National Bank are confident that it will simplify microtransactions and provide a new tool for businesses.
How to transfer money without commission?
In all banks and fintech applications in Moldova, the function of transferring money from account to account of any bank in our country (P2P) has become available. In order to make a transfer, both participants must be connected to the system and it does not matter which Moldovan bank issued the card. To transfer money, it is necessary to specify only the recipient's phone number.
The system is integrated with all bank applications in Moldova and this function is available only for individuals. However, very soon all bank applications will have the possibility to pay for goods and services via QR code and payment links.
Ability to request money
MIA offers users the possibility to request money from another person (RTP-Request to Pay). To do this, you must use the functionality found in every banking application, but it is important that the person to whom you are sending the request has activated MIA. The instructions are listed below.
Transfer limits
However, there are limits. Limits for one transaction are 5 thousand lei, limits for transactions during one day - 10 thousand lei, and during one month - 30 thousand lei. Transfers up to 10 thousand lei per month are performed without commission, and everything above the limit the commission will be only 0,1%, but not more than 5 lei for one transfer.
How the development process took place
The implementation of this tool in applications is a large and complex implementation, the implementation period was about 9 months, which is quite fast compared to other countries. Vadim shared information about how the work on the development of this functionality went and how the process of interaction with banks was carried out.
We started working with banks in June, when our vendor supplied us with a technical solution and prepared the documentation, we planned to complete the implementation by February, which we successfully did. From 12 February to 12 March we tested the system in pilot mode. We worked with each bank in sprints, which helped us a lot in understanding how to implement and accelerated the whole process. Every fortnight we met with the banks and discussed what had been done on both sides, what was now in the works and what problems the development team had encountered.
Such functionality is present in 80 countries around the world, and their experiences are quite different. In general, the problem is that national banks have paid more attention to the technical part than to the promotion of this feature. After studying the experience of these countries, my team and I identified what I called the "secret sauce". We found patterns in countries where projects were successful and where they were not.
1) It should be mandatory for all market participants.
2) There should be a clear and unified UX. For this purpose, we drew all the screens that were to be implemented in the apps from the rule. Also, we harmonised each application design before implementation.
3) A strong brand. You need a brand that can communicate the system's values and new opportunities.
4) Transfer by phone number. The fastest and clearest way to find who to send to.
5) More user scenarios. The more possibilities there are to utilise the system, the more it is used.
6) Free P2P transfers. Countries where transfers became free for microtransactions immediately increased the number of transfers. People started to transfer to each other for lunches, gifts, etc. ", - shared Vadim Zhelyaskov, Head of Fintech department.
How to enable this function
In order to send and receive money to your account, you need to enable this function in your bank's mobile application. If you have cards of different banks, you can activate this function only in one of the banks, because transfers are made by phone number. But you can change the bank where your money will be transferred to at any time.
Below are links to the banks' instructions for activating MIA Instant Plati:
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