Bulgaria Cards and Payments Market Size, Opportunities and Risks to 2028

Bulgaria Cards and Payments Market Size, Opportunities and Risks to 2028

Summary

GlobalData’s ‘Bulgaria Cards and Payments: Opportunities and Risks to 2028' 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 (2019-23e).

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 (2024f-28f). 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.

GlobalData’s ‘Bulgaria Cards and Payments: Opportunities and Risks to 2028' 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, cards, credit transfers, 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.

Scope

• In 2021, Bulgarian’s economy bounced back from the impacts of the COVID-19 pandemic. However, soaring inflation and the uncertain geopolitical situation led to a slower GDP growth rate of 1.7% in 2023. Moreover, inflation remained high in 2023, at 9.8%, driven by strong energy and food price increases. The central bank has raised its policy interest rate in a bid to tackle soaring inflation. As of January 2024, the rate was 3.79%, up from 1.42% in January 2023. This has driven up the cost of borrowing, thus hindering the cards and payments market.
• Bulgarian National Bank (BNB) and the government is playing a key role in promoting electronic payments and financial inclusion in the country. For instance, in September 2023, the government amended the Payment Services and Payment Systems Act in the country. This act offers free payment accounts with basic capabilities to citizens who earn wages, pensions, social security benefits, and student scholarships. Additionally, organizations with 100 or more employees are required to pay wages via bank transfer.
• In a collaborative effort to foster digital payments and reduce reliance on cash, the Bulgarian government, central bank, and payment companies are undertaking initiatives. In December 2023, the country’s parliament approved a proposal mandating all two-, three-, four-, or five-star restaurants to install POS terminals effective from March 1, 2024. This joint initiative aims to modernize and streamline transactions, offering numerous benefits for both consumers and businesses.

Reasons to Buy

• 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.