Innovation Award

Bosnia Herzegovina

As regulations have not been completely adjusted (especially those covering money transfers and personal data protection area) in Bosnia and Herzegovina with EU regulations, as well as the lack of licenced credit card acquirers in Bosnia and Herzegovina who could support such a service, Hrvatska Posta Mostar approached Hrvatska Posta with a proposal for cooperation in terms of launching the PostCash mobile app in which Hrvatska Posta offers services on the EU market.

Hrvatska Posta accepted this proposal and through joint efforts, Hrvatska Posta Mostar and Hrvatska Posta implemented the PostCash mobile app which is available for download on Google Play and Apple Store since the middle of March 2021.

PostCash is a network established by public postal operators in Bosnia and Herzegovina, Croatia, Serbia, and Montenegro, which is used for fast P2P money transfers by postal money orders through the post office networks of public postal operators in these countries.

PostCash mobile app has resulted as a logical upgrade to the PostCash network and in fulfilling customers’ needs for a quick and secure way of sending money from Europe to Bosnia and Herzegovina. Posts in Bosnia and Herzegovina have recognized the benefits they have from their post office networks and have enabled sending money by this PostCash app in which customers can receive their money in one of 395 post offices. Post offices are available to everyone – customers in big cities as well as customers in remote rural areas – that is exactly the strength of the postal network, accessible for all.

Taking into consideration market trends in terms of digitalization, a new environment in which postal operators operate their business (Covid 19 impacts), and huge potentials in terms of remittance volumes from western countries, Hrvatska Posta Mostar decided to digitize postal money orders by implementing a mobile application that will enable individuals – holders of VISA, Mastercard and Maestro cards issued by financial institutions from the European economic area, to transfer money using this mobile app.