Collaborative Effort Aims to Accelerate Electronic Payment Adoption and Support Economic Growth
Bosnia and Herzegovina, 02/09/2026 – Building on the success of the Serbian National Program for cashless payments “Better Way,” a pioneering initiative to advance electronic payment infrastructure has been officially launched in Bosnia and Herzegovina. The program aims to create a favorable environment for the development and expansion of electronic payments, empowering local businesses and fostering financial inclusion.
“Digitalization of payments has the power to reshape local economies, helping local businesses to grow, driving financial inclusion, and reducing informality. I am glad that the Better Way 2.0 initiative is now moving to Bosnia and Herzegovina,” stated Jens Elsner, Head of the SEDEP programe in GIZ Bosnia and Herzegovina.
For the Better Way 2.0 project, Mastercard, Visa and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH are working together within the framework of the develoPPP funding programme, which GIZ implements on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). Together with the support of the Association of banks in Bosnia and Herzegovina (UBBIH), they convened a technical workshop recently, as part of ongoing efforts in establishing the project set up and engagement with acquiring institutions. The workshop focused on the future direction of the initiative in Bosnia and Herzegovina and discussed ways to support small and medium-sized merchants in their digital transformation. As part of the initiative, and thanks to substantial investments from the payment industry, merchants will enjoy the benefits of electronic payments at a reduced cost for a period of one year.
“We are happy to join the Better Way 2.0 project and cooperate with card schemes and all relevant partners. We welcome activities aimed at increasing the number of users, greater availability of POS terminals and the development of cashless payments. Through these joint initiatives, we continuously contribute to improving market conditions for citizens, customers and merchants” said Edis Ražanica director of UBBIH (Association of Banks in Bosnia and Herzegovina).
“Digital payments are a proven driver of business growth. Visa’s Value of Acceptance survey conducted in March 2025 shows that businesses accepting digital payments benefit from broader customer reach, higher sales, faster transactions, and greater security, while cash only businesses are increasingly open to change when the right solutions or incentives are available. In Bosnia and Herzegovina, where nearly 99% of registered enterprises are small and medium sized businesses, the Better way 2.0 initiative can deliver meaningful impact at scale. By leveraging its global network and local partnerships, Visa together with other partners of the program will be helping small businesses deliver greater choice, convenience, and trust for their customers while enabling long-term growth”, said Ana Draskovic VP and General Manager Visa SEE.
“At Mastercard, we believe that expanding access to digital payment solutions is key to empowering businesses and enhancing consumer experiences. In Bosnia and Herzegovina, where small and medium-sized enterprises form the backbone of the economy, enabling broader card acceptance is not only a matter of convenience but of competitiveness, as businesses increasingly need to align with changing consumer expectations. According to the latest MasterIndex research, consumers increasingly expect the option to pay electronically and view digital payments as more secure and practical. By partnering with local stakeholders and investing in payment infrastructure, we are committed to accelerating digital adoption, supporting business growth and fostering financial inclusion across the country,” said Jelena Sretenovic, VP and Country Manager for Serbia, Bosnia and Herzegovina, and Montenegro at Mastercard.
Officialy signed last November, this public-private initiative unites Visa and Mastercard with GIZ under a cooperation agreement. It is structured around three core pillars: policy initiatives and discussions, communication and awareness programs, and a support program for small and micro businesses interested in accepting electronic payments. This holistic approach aims to foster the growth of the payments market and drive sustainable economic progress as well as financial inclusion in Bosnia and Herzegovina.
