Bulgaria Cards and Payments – Opportunities and Risks to 2024

GlobalData’s ‘Bulgaria Cards and Payments – Opportunities and Risks to 2024' 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, cards, credit transfers, direct debits, and cheques during the review-period (2016-20e).

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 (2020e-24f). 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.

This 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 cheques. 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.


– Bulgaria is gearing up to launch its instant payment system in 2021. The system is being developed by the BISERA6 retail payment system operator, BORICA, in collaboration with the Bulgarian National Bank (BNB), the country’s central bank. The new payment system is based on the SEPA Instant Credit Transfer scheme. The system allows users to make instant payments between bank accounts up to BGN100,000 ($62,521.34) in few seconds. In addition to P2P fund transfers, the payment system will also allow instant payments at merchant stores via QR code, as well as payments to online merchants. The system is expected to go live by the end of 2021.

– The extension of payment card use for transit payments will further support growth of payment cards. In May 2021, the public transport system in Sofia city has enabled the use of contactless debit and credit cards to make payments across 1,110 buses, trolleybuses, and trams operating in the city. Meanwhile, payment companies are also pushing the use of contactless cards. Visa is running a campaign until June 15, 2021, which allows card holders to win cash prizes in a lucky draw. To participate in the campaign, card holders are required to make contactless payments worth at least of BGN50 ($31.26) of cumulative value during the promotional period.

– To benefit from the growing preference for alternative payments, banks, and payment service providers are launching new payment solutions. Google launched its digital payment solution, Google Pay, in Bulgaria in November 2020. The solution enables users to make in-app, in-store, and online payments using stored payment card details. To make a payment, users open the app, select a saved card, and hold the phone near the contactless payment terminal to complete the transaction. Similarly, in March 2021, Settle Group launched its payment solution in Bulgaria. Users can create an account and link their payment cards in the Settle app. The app can be used to make instant fund transfers to other Settle users and pay businesses using their name.

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.

Companies mentioned

OTP Bank

KBC Bank

UniCredit Bank

Central Cooperative Bank


Raiffeisen Bank

First Investment Bank

United Bulgarian Bank




Table of Contents

Table of Contents

Payment Instruments

Card based Payments

Ecommerce Payments

Alternative Payments

Job Analysis

Payment Innovations

Payment Infrastructure and Regulation



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