Bulgaria Cards and Payments - Opportunities and Risks to 2025

Bulgaria Cards and Payments - Opportunities and Risks to 2025

Summary

GlobalData’s ‘Bulgaria Cards and Payments - Opportunities and Risks to 2025' report provides detailed analysis of market trends in the Bulgarian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, cards, direct debits, and cheque during the review-period (2017-21e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Bulgarian cards and payments industry, including-

• Current and forecast values for each market in the Bulgarian cards and payments industry, including debit and credit cards
• Detailed insights into payment instruments including cash, credit transfers, cards, direct debits, and cheque . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Bulgarian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Bulgarian cards and payments industry.

• To drive electronic payments in the country, in April 2021, Bulgarian payment services provider BORICA introduced the BLINK instant payment system. The system is compliant with Europe’s SEPA Instant Credit Transfer (SCT Inst) scheme, allowing users to make instant payments of up to BGN30,000 ($17,450.15) between bank accounts in a few seconds. In addition to P2P fund transfers, the system will also allow instant payments at merchants and bill payments. This service is provided 24 hours a day, seven days a week, 365 days a year. TBI Bank was the first bank in the country to offer this service to customers from November 2021.
• The extension of payment card use for transport payments will support the growth of the card payment space. In May 2021, the public transport system in Sofia enabled the use of contactless debit and credit cards to make payments across 1,110 buses, trolleybuses, and trams operating in the city. In August 2021, Bulgaria’s DSK Bank partnered with payment solutions provider O-CITY to launch contactless payment cards that can be used across 3,900 validators installed on public transport including buses, trams, and trolleybuses.
• To increase card penetration in the country, banks are introducing more convenient methods for consumers to access personal banking services. UBB offers debit card issuance via its mobile banking app. Customers can apply for a debit card directly within the app and choose which branch they want to collect the card from. The app also enables users to repay credit card dues in three to 12 installments. On a similar note, UBB launched web platform UBB Digital Portal for business customers in March 2021, which allows customers to open new accounts and apply for debit and credit cards digitally.

• Make strategic business decisions, using top-level historic and forecast market data, related to the Bulgarian cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Bulgarian cards and payments industry.
• Assess the competitive dynamics in the Bulgarian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Bulgaria.
• Gain insights into key regulations governing the Bulgarian cards and payments industry.