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Payments Landscape in Bulgaria: Opportunities and Risks to 2021

Payments Landscape in Bulgaria: Opportunities and Risks to 2021

  • March 2018
  • 47 pages
  • ID: 5368740
In this report:
According to the central bank, as of December 2016 ##.##% of payment cards in Bulgaria incorporated EMV technology (##.##% of debit cards and ##.##% of credit cards), which has increased consumer confidence in the security of payment cards.
According to the central bank, as of December 2016, ##.##% of payment cards in Bulgaria featured EMV technology, while ##% of ATMs and ##.##% of POS terminals have been migrated to EMV.

Summary

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Payments Landscape in Bulgaria: Opportunities and Risks to 2021

Brief

GlobalData's "Payments Landscape in Bulgaria (BG): Alternatives and Risks to 2021", report offers exhaustive analysis of market trends in the Bulgarian cards and payments industry. It offers values and volumes for a number of top performance indicators in the industry, including credit transfers, direct debit, cash and payment cards during the review-period (2013-17e).

The study also analyzes different payment card markets operating in the industry, and provides exhaustive information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers data on the country's ambitious landscape, containing the market shares of issuers and schemes.

The analysis offers together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to recognize segment dynamics and challenging advantages. The market research also covers details of regulatory policy and new changes in the regulatory structure.

This industry report offers top-level market analysis, info and business 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 credit transfers, direct debit, cash, and payment cards. It also, includes an overview of the country's main alternative payment instruments.

- E-commerce market analysis.

- Analysis of several 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.

Overview

- The share of domestic scheme provider BORICA has been declining, with worldwide scheme providers Mastercard and Visa taking charge of the debit card market. BORICA's share fell from 3.90 percent in 2013 to 1.30 percent 2017 in terms of number of cards in circulation. To regain its presence and to compete with worldwide schemes, BORICA launched national card scheme Bcard in July 2017. As of November 2017, six banks and different non-banks have started issuing Bcard in the country.

- American Express exited the Bulgarian market in 2017. In July 2017, Postbank - which was the sole issuer of American Express cards - ceased both the issuance and maintenance of American Express pay-later cards in the country. The bank's existing American Express cards were replaced with Mastercard-branded cards, which contributed to the growth of Mastercard's pay-later card share in 2017.

- Contactless payments are gaining traction in Bulgaria (BG). All main banks now offer contactless cards in the country, while Visa and Mastercard have launched their respective contactless technologies, payWave and PayPass. According to Visa Europe, Bulgarian contactless payments via Visa cards rose by 612.0 percent over the 12-month period to April 2016. Almost 40,000 contactless terminals accept Visa contactless cards in the country. To capitalize on this trend, in March 2017 CIBANK collaborated with Mastercard to become the first bank in Bulgaria (BG) to introduce contactless ATMs.

Great reasons to purchase

- Make tactical business decisions, using top-level historic and forecast market data, related to the Bulgarian cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Bulgarian cards and payments industry.

- Assess the ambitious dynamics in the Bulgarian cards and payments industry.

- Gain insights into marketing strategies used for different card types in Bulgaria (BG).

- Gain insights into main regulations governing the Bulgarian cards and payments industry.

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