Czech Republic
The Czech Republic, known as Czechia, is a developed country in Central Europe. The nation's economy is highly industrialized, with strong sectors in manufacturing, services, and export industries. Despite the economic disruptions caused by the COVID-19 pandemic and the war in Ukraine, Czechia is expected to experience moderate economic growth in 2024.
In 2023, Czechia’s real GDP declined by 0.3% due to high inflation and reduced household purchasing power. However, the economy is forecast to grow by 1.2% in 2024 and 2.8% in 2025, driven by recovering domestic demand and exports.
Inflation is projected to decline significantly from 12% in 2023 to 2.5% in 2024 as energy prices stabilize and consumer confidence improves. The unemployment rate, one of the lowest in the EU, is expected to slightly increase to 2.8% in 2024.
The government’s fiscal deficit is anticipated to decrease from 3.7% of GDP in 2023 to 2.4% in 2024 due to the expiration of energy-related subsidies and other fiscal consolidation measures.
Top banks
Česká spořitelna
As one of the largest banks in Czechia, Česká spořitelna offers a wide range of financial services to individuals and businesses.
ČSOB (Československá obchodní banka)
ČSOB provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Komerční banka
Komerční banka is a significant player in the Czech banking sector, offering various financial services and maintaining a strong market presence.
UniCredit Bank
UniCredit Bank Czech Republic and Slovakia UniCredit Bank offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Concluding remarks
The Czech Republic’s economy is poised for recovery, supported by a diverse payment landscape and a robust financial sector. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Hotovost)
Cash remains a widely used payment method in the Czech Republic, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash continues to be an important part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive in Czechia, with major card networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods has been particularly strong, driven by convenience and technological advancements.
Bank Transfers (Bankovní Převody)
Bank transfers are commonly used for larger transactions, such as rent payments and business dealings. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, although Czechia itself uses the Czech koruna (CZK).
Mobile Payments
Mobile payment options, such as Apple Pay, Google Pay, and local apps like Twisto and Seznam Peněženka, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal, PayU, and GoPay are widely used for eCommerce transactions. These platforms offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards can be used for online shopping and everyday purchases.
Cryptocurrencies
Cryptocurrencies are slowly being adopted, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving to accommodate the use of digital currencies, though widespread acceptance is still developing.
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
Book a consultation
