Recent Release on Bulgarias Cards and Payments Industry

ResearchMoz.us include new market research report " Bulgarias Cards and Payments Industry: Global Market Size, Shares, Growth, Analysis, Trends And Forecast" to its huge collection of research reports.

The global economic crisis in 2009–2010 had a severe effect on the Bulgarian economy, with gross domestic product (GDP) contracting by 5.5% in 2009. The Bulgarian government and World Bank entered into a memorandum of understanding (MoU) in January 2012 in response. This represented an important step taken by the country’s government to draw on the World Bank’s expertise in developing and implementing strategies and programs to revive the country’s economy. GDP grew by 0.9% in 2013, and is anticipated to rise to 3.0% in 2018, which will be beneficial for Bulgaria’s cards and payments industry over the forecast period (2014–2018).

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Bulgarian payment cards (including debit and credit cards) registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 2.08%, and increasing from 7.7 million cards in circulation in 2009 to 8.5 million in 2013. In terms of transaction value, payment cards valued BGN15.1 billion (US$10.7 billion) in 2013, after registering a review-period CAGR of 7.33%. Rising consumer awareness for electronic payments and the adoption of advanced technologies such as contactless cards and EMV technology contributed towards the growth in payment cards during the review period, in terms of transaction value, volume and the number of cards in circulation.

In 2013, the average transaction value (ATV) in Bulgaria was US$85.5, which ranked fifteenth in the overall European region. Greece recorded the highest ATV, with US$227.6, while Estonia recorded the lowest with US$37.3. Bulgaria ranked twenty-first...