Cashless Payments in Bulgaria - Development, Regulation and Integration into the Euro Area
Cashless Payments in Bulgaria - Development, Regulation and Integration into the Euro Area

Author(s): Petar Chobanov
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, Business Economy / Management, Sociology, Economic policy, Economic development, EU-Accession / EU-DEvelopment, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: payment systems; central banks; technological change
Summary/Abstract: The main objective of this study is to present an analysis of selected indicators of cashless payments in Bulgaria. The main activities in the process of integration to the euro area as well as changes in regulations at the EU level are examined. The main thesis is that non-cash payments are continuously increasing, both in number and in total value, due to technological changes, the development of EU regulations, as well as the integration of the Bulgarian payment infrastructure to that of the euro area. The number of credit cards as well as POS terminals has increased significantly. The number of credit transfers and card payments increased several times, with positive dynamics also characterising payments initiated via the Internet through both instruments. Similarly, the total value of payments is also developing and the trend is expected to continue in the future.

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