Bulgarian Cards & Payments Market Analysed & Forecast in New Timetric Research Report Recently Uploaded at MarketPublishers.com
01 Dec 2016 • by Natalie Aster
LONDON – In 2014, the central bank of Bulgaria adopted the EU rule on interchange fees. Thus, merchants are likely to derive benefits from lower transaction costs. This regulation is predicted to have impact on profitability of the country’s payment cards industry. Along with a decline in revenue, issuers are expected to cut card offerings and also benefits for consumers and, further, pay their attention to novel ways to generate revenues.
Nowadays, contactless payment technology is gaining momentum in Bulgaria. Top country’s banks like DSK Bank, Unicredit Bulbank, UBB, Raiffeisenbank and Fibank now offer contactless cards. For instance, by late 2015, Unicredit Bulbank issued around half a million contactless cards, and installed about 20,000 of contactless point-of-sale (POS) terminals across the country.
Payment card transaction volumes are set to rise on the back of the increasing contactless technology adoption.
Moreover, some Bulgarian banks has recently launched mobile wallets, for instance, First Investment Bank AD (Fibank) in April 2016 and Postbank in May 2016. Mobile wallets offer convenient banking services to local consumers.
The new report “The Cards and Payments Industry in Bulgaria: Emerging Trends and Opportunities to 2020” prepared by Timetric offers a detailed review of the Bulgarian cards and payments industry, laying special emphasis on ongoing and emerging trends. It comprises reliable data on cash transactions, credit transfers, direct debits and payment cards, number of cards in circulation, transaction volumes and values in Bulgaria during the period from 2011 till 2015 as well as forecasts through 2020. This research publication canvasses the current regulatory policy framework of the industry and reviews the recent changes in the regulatory structure. Moreover, marketing and business strategies adopted by various banks and other participants in the Bulgarian cards and payments market are also discussed here. Furthermore, the report is a great source of reliable data on the market dynamics and growth driving and restraining forces. Future outlook for the Bulgarian cards and payments market up to 2020 is also available in this research report.
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