# Andorra — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/AD
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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
1. Available through MyAndbank app
2. Send money mobile-to-mobile instantly
3. Works with Spanish Bizum network
4. Free domestic and Spanish transfers
5. 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](https://docs.barcoder.ai/docs/payments/AD/bizum) | Mobile P2P | App-based | MyAndbank only | [`bizum`](https://docs.barcoder.ai/docs/standards/bizum) |
| [Card Payments](https://docs.barcoder.ai/docs/payments/AD/card-payments) | Cards | EMV | Dominant | — |

## Sources

- [TheBanks.eu - Andorra Major Banks](https://thebanks.eu/countries/Andorra/major_banks)
- [Andbank - MyAndbank Launch](https://www.andbank.com/andorra/en/myandbank-is-launched-100-digital-bank-aimed-at-andorran-residents-which-includes-bizum-and-free-international-transfers/)
- [Best Banks in Andorra 2025](https://www.andorrainc.com/en/andorra-banks/)
- [Golden Harbors - Andorra Banks](https://goldenharbors.com/articles/andorra-banks)
- [Wise - Banks in Andorra](https://wise.com/gb/blog/banks-in-andorra)
- [Chambers - Banking Regulation Andorra 2024](https://practiceguides.chambers.com/practice-guides/banking-regulation-2024/andorra)
- [MONEI - Andorra Payment Gateway](https://monei.com/andorra-payment-gateway/)
- [Andorra Guides - Banking System](https://andorraguides.com/banking/system-guide/)
- [Wikipedia - List of Banks in Andorra](https://en.wikipedia.org/wiki/List_of_banks_in_Andorra)
- [Creand At a Glance 2024](https://creandgroup.com/wp-content/uploads/AtAGlance_ENG_2024.pdf)

## Full country report

[AD-andorra.md](https://docs.barcoder.ai/docs/payments/AD)