Summary
- No native QR payment standard - uses Bizum from Spain
- Three-bank system: Andbank, Creand, MoraBanc control 100%
- MyAndbank offers Bizum integration (only bank in Andorra)
- SEPA Non-EEA member since 2019
- Private banking focus with strong digital transformation
Banking landscape
Financial Authority
- Name: Andorran Financial Authority (AFA)
- Website: https://www.afa.ad/
- Role: Banking supervision, no central bank functions
Major Banks (2024)
| Rank |
Bank Name |
Total Assets (EUR) |
Market Share |
Net Income |
| 1 |
Andbank |
10,357 M |
49.11% |
64.22 M |
| 2 |
Creand (Crèdit Andorrà) |
6,710 M |
31.81% |
70.67 M |
| 3 |
MoraBanc |
4,025 M |
19.08% |
57.95 M |
Market Structure
- Three-Bank Monopoly: Only three commercial banks
- Total Assets: ~EUR 21 billion
- Private Banking Focus: Major wealth management hub
- Small Population: ~80,000 residents
Recent Developments
- 2022: Creand acquired VallBanc (€1.9B business volume)
- 2023: Creand rebranded from Crèdit Andorrà
- 2024: MoraBanc acquired Tressis SA (Spain)
- All banks investing heavily in digital
Payment infrastructure
Payment Systems
| System |
Status |
Notes |
| SEPA Credit Transfer |
Active |
Non-EEA member since 2019 |
| Card Networks |
Active |
Visa, Mastercard |
| Bizum |
Limited |
Via MyAndbank only |
SEPA Membership
- Non-EEA SEPA country since March 2019
- EUR transfers to 36 SEPA countries
- Not Eurozone member (uses EUR unilaterally)
Payment Characteristics
- Credit cards: 30%+ market share
- Digital neobanks: Wise, Revolut popular
- Cash declining but still used
- High-value private banking focus
QR code standards
No Native QR Payment Standard
Andorra does not have a country-specific QR payment standard. Current status:
| Feature |
Type |
Status |
| National QR Standard |
Not established |
N/A |
| Bizum |
Spanish mobile payment |
Via MyAndbank |
| Bank apps |
Mobile banking |
Active |
| Card payments |
Primary |
Dominant |
Bizum Integration (MyAndbank)
| Attribute |
Value |
| Provider |
MyAndbank (Andbank) |
| Type |
Spanish P2P payment |
| Launch |
November 2022 |
| Exclusivity |
Only bank in Andorra with Bizum |
How Bizum Works in Andorra
- Available through MyAndbank app
- Send money mobile-to-mobile instantly
- Works with Spanish Bizum network
- Free domestic and Spanish transfers
- Similar to Venmo/Cash App
MyAndbank Features
- 100% digital bank for Andorran residents
- Bizum integration
- Free international transfers
- Targeted at younger population
Mobile payment apps
| App Name |
Bank |
Bizum |
SEPA |
Digital Features |
| MyAndbank |
Andbank |
Yes |
Yes |
Full digital bank |
| Creand App |
Creand |
No |
Yes |
Mobile banking |
| MoraBanc App |
MoraBanc |
No |
Yes |
Mobile banking |
Digital Banking Leadership
- All three banks offer mobile apps
- Biometric authentication standard
- Online investment management
- Strong security protocols
MyAndbank Innovation
- Only fully digital bank offering
- Exclusive Bizum access in Andorra
- Free transfers
- Youth-focused marketing
Schemes
| Scheme |
Type |
Symbology |
Adoption |
Technical standard |
| Bizum |
Mobile P2P |
App-based |
MyAndbank only |
bizum |
| Card Payments |
Cards |
EMV |
Dominant |
— |
Sources
Full country report
AD-andorra.md