Bulgaria Statistical Report 2024

INTRODUCTION

Bulgaria is a parliamentary democracy and member of the European Union since 2007, and is set to join the Eurozone in 2024, during which it will switch from its currency, the BNL, to the euro. Ahead of 2024 to ensure market readiness for the switchover, the Bulgarian government is taking more proactive steps to bolster its financial ecosystem. In February 2023, Bulgaria announced that it was scrapping its target to adopt the euro in January 2024 as it failed to meet some criteria but will seek to join the common currency by 2025 or possibly earlier.

Bulgaria, ranked as a developing country, is one of the least-developed payments markets in Europe, with negative population growth, very low banking penetration, and the relative lack of internet usage compared to neighbouring countries impeding the consumer uptake of digital banking and payments. However, this low level of penetration leaves ample room for growth, particularly for FinTech players which can roll out innovative mobile-based services. Usage of Apple Pay and other payment apps are gaining traction as more banks enhance their card and mobile offerings.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Bulgaria. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts. 

In the last decade, Bulgarian consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device. 

In addition, new consumer demands are a game changer. Bulgarian consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Bulgaria is driven by minimal cost, secure payments and a high level of user convenience. 

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

• THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
  
• READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
  
• INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
  
• THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

• UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
• CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.

PRODUCT INFORMATION

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

VERSION

Version 1.1 - last updated 09/05/2024