MPAY IN FIGURES, STATISTICS AND PROSPECTS FOR DEVELOPMENT AT FINTECH MOLDOVA CONFERENCE
On 30 September, during the 4th edition of the Fintech Moldova Conference, the latest developments in Fintech area in the Republic of Moldova and abroad were discussed. The event brought together renowned representatives of local financial and IT organizations and companies along with some of the most prominent international professionals of the Fintech industry.
The E-Governance Agency was represented by Liudmila Bejenaru, Head of the MPay, the Government Payment Service, at the panel dedicated to the latest Fintech regulatory developments in Moldova and abroad. Liudmila Bejenaru presented the trends and developments in online transactions, as well as the efficiency, convenience and transparency of the MPay Service, mentioning that every citizen of the Republic of Moldova used the MPay electronic service either for collection or distribution of payments.
In addition, during the Conference, EGA presented its vision for further development of the MPay platform in line with the current trends in the fintech world and user requirements. In this respect, the E-Governance Agency will develop a mobile application, comprising an electronic payments module, to promote cashless payment, for the convenience of payers. At the same time, a "payment basket" will be implemented on the mpay.gov.md website, as well as in the mobile application, to allow the payer (natural or legal person) to aggregate a single bill to be paid in just one transaction.
The prospects for the development and improvement of the MPay payment service also cover the following: distribution of salaries within the public sector, which will contribute to reducing the operational effort of authorities and public entities and allow for automation of activities related to salary payments. Thus, public entities will no longer need to conclude annual contracts with payment service providers for distribution of salary payments, and employees will have the right to opt for offers and services of any payment service provider integrated with MPay, while payment service providers will provide various facilities to each individual.
The cultural voucher is another innovation in which the MPay government service has the role of integrating cultural platforms and money transfer into cultural voucher accounts, giving beneficiaries the opportunity to use transferred money to purchase tickets to cultural events. The development of this instrument will provide for other initiatives for granting funds to the public in order to streamline the process of distributing and using financial resources strictly for financed purposes.
The payment of utilities through the MPay service is another EGA’s area of concern. Currently, EGA is trying to design the process of creating a single invoice, which will also be available online in the Citizen's Portal (MCabinet) with a notification to the payer, through the MNotify Service, that it is ready for payment, while the payment will be made through MPay.
The Fintech Conference was attended by about 270 people from over 60 companies and organizations, 32 speakers and 16 partners.
