Consumer Protection of Payment Services in the Republic of Moldova - Between Reality and Perception

Abstract

Payment services are an essential component of the modern economy, facilitating commercial transactions and allowing consumers to make fast and secure payments through bank accounts or mobile devices. The considerable growth in payment service users, especially digital ones, implies a need for deep knowledge of specific processes. The large volume of information can lead to user confusion and create conditions for the violation of consumer rights, stemming from ignorance of certain aspects of payments. Ensuring transparency and user education is crucial for building trust in these systems. As technology continues to evolve, ongoing adaptation and regulation will be necessary to protect consumers and enhance their experience. This article will present the results of a survey reflecting the perceptions of payment service consumers regarding their perceived protection. These data will be compared with reality, particularly through the lens of legal norms. The conclusions of the article show that consumer protection in the Republic of Moldova is regulated well enough, and the situations of abuse perceived by users are mostly due to a lack of financial knowledge. Thus, the direct relationship between financial literacy and the protection of consumer rights in payment services is highlighted. UDC: [366.5:336.717.117](478); JEL: G21, G20, K29.