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Published: Mar, 2015 | Pages:
82 | Publisher: Timetric
Industry: Financial Services | Report Format: Electronic (PDF)
Synopsis
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). 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 in terms of card penetration, with 1.2 cards per inhabitant, while Luxembourg recorded the highest rate with 4.4 and Romania recorded the lowest with 0.6. Bulgaria ranked the lowest among other European countries in terms of frequency of use, with 18.7 transactions per card, while Finland recorded the highest frequency with 172.8. Prepaid cards recorded a CAGR of 24.99% during the review period, increasing from 461,513 cards in 2009 to 1.1 million in 2013. These cards are more beneficial to the country's unbanked population, as they do not require a bank account to use. Central Cooperative issues virtual prepaid cards that do not require an individual to have a physical card. This card is created online, and can be used for the payment of goods and services. This removes the requirement for customers to visit a bank to collect the card. The bank also issues Prepaid Gift Cards to customers, which can be personalized and can be used to give gifts on different occasions. With the increasing number of prepaid cards being distributed in the country, this segment is anticipated to undergo positive growth, with 2.1 million cards estimated to be distributed by the end of 2018. Card fraud is increasing at a CAGR of 0.31% in Bulgaria, with various technological innovations to combat and prevent it. Banks in association with MasterCard and Visa now offer contactless credit cards, called PayPass and PayWave respectively. These cards provide more convenience at the time of the payment, as they require tapping the card in front of the card reader instead of entering the PIN. DSK Bank, Fibank and UniCredit Bulbank offer contactless cards.
Summary
The report provides top-level market analysis, information and insights into Bulgaria's cards and payments industry, including: Current and forecast values for each category of Bulgaria's cards and payments industry, including debit cards, credit cards and prepaid cards Comprehensive analysis of the industry's market attractiveness and future growth areas Analysis of various market drivers and regulations governing Bulgaria's cards and payments industry Detailed analysis of marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market Comprehensive analysis of consumer attitudes and buying preferences for cards The competitive landscape of Bulgaria's cards and payments industry
Scope
This report provides a comprehensive analysis of Bulgaria's cards and payments industry. It provides current values for Bulgaria's cards and payments industry for 2013, and forecast figures for 2018. It details the different economic, infrastructural and business drivers affecting Bulgaria's cards and payments industry. It outlines the current regulatory framework in the industry. It details the marketing strategies used by various banks and other institutions. It profiles major banks in Bulgaria's cards and payments industry.
Reasons To Buy
Make strategic business decisions, using top-level historic and forecast market data, related to Bulgaria's cards and payments industry and each market within it. Understand the key market trends and growth opportunities within Bulgaria's cards and payments industry. Assess the competitive dynamics in Bulgaria's cards and payments industry. Gain insights into marketing strategies used for selling various card types in Bulgaria. Gain insights into key regulations governing of Bulgaria's cards and payments industry.
Key Highlights
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 in terms of card penetration, with 1.2 cards per inhabitant, while Luxembourg recorded the highest rate with 4.4 and Romania recorded the lowest with 0.6. Bulgaria ranked the lowest among other European countries in terms of frequency of use, with 18.7 transactions per card, while Finland recorded the highest frequency with 172.8. Prepaid cards recorded a CAGR of 24.99% during the review period, increasing from 461,513 cards in 2009 to 1.1 million in 2013. These cards are more beneficial to the country's unbanked population, as they do not require a bank account to use. Card fraud is increasing at a CAGR of 0.31% in Bulgaria, with various technological innovations to combat and prevent it. Banks in association with MasterCard and Visa now offer contactless credit cards, called PayPass and PayWave respectively. These cards provide more convenience at the time of the payment, as they require tapping the card in front of the card reader instead of entering the PIN. DSK Bank, Fibank and UniCredit Bulbank offer contactless cards.
Table of Contents
1 Key Facts and Top Events 2 Executive Summary 3 Payment Instruments 3.1 Current Payments Environment 3.2 Alternative Payment Instruments 3.2.1 Mobile payments 3.2.2 PayPal 3.2.3 ClickandBuy 3.2.4 Click2Pay 3.2.5 PaySafeCard 3.2.6 Skrill 4 Market Attractiveness and Future Prospects of Cards and Payments 5 Analysis of Cards and Payments Industry Drivers 5.1 Demographic Drivers 5.2 Economic Drivers 5.3 Infrastructure Drivers 5.4 Business Drivers 6 Emerging Consumer Attitudes and Trends 6.1 Market Segmentation and Targeting 6.1.1 Consumer cards 6.1.2 Corporate cards 6.2 Travel Spending 6.2.1 Outbound trips volume and spending 6.2.2 Inbound trips volume and spending 7 Payment Cards 7.1 Payment Cards Instrument Analysis 7.1.1 Number of cards in circulation by card type 7.1.2 Transaction volume by card type 7.1.3 Transaction value by card type 7.1.4 Personal vs commercial cards 8 Debit Cards 8.1 Debit Cards Market Analysis 8.1.1 Number of debit cards in circulation 8.1.2 Debit cards transaction volume by channel 8.1.3 Debit cards transaction value by channel 8.1.4 Number of debit cards in circulation by scheme 8.1.5 Debit cards transaction value by scheme 8.1.6 Debit cards issuers market shares 8.1.7 Debit cards comparison 9 Credit Cards 9.1 Credit Cards Market Analysis 9.1.1 Number of credit cards in circulation 9.1.2 Credit cards transaction volume by channel 9.1.3 Credit cards transaction value by channel 9.1.4 Number of credit cards in circulation by scheme 9.1.5 Credit cards transaction value by scheme 9.1.6 Credit cards issuers market share 9.1.7 Credit cards comparison 10 Commercial Cards 10.1 Commercial Cards Market Analysis 10.1.1 Number of commercial cards in circulation 10.1.2 Commercial cards transaction value 10.1.3 Commercial cards comparison 11 Regulations in the Cards and Payments Industry 11.1 Regulatory Framework 11.2 Anti-Money Laundering 11.3 Foreign Direct Investment Regulations 12 Card Fraud Statistics 12.1 Card Fraud Analysis 13 Card Issuers 13.1 United Bulgarian Bank 13.2 DSK Bank 13.3 UniCredit Bulbank 13.4 First Investment Bank 13.5 Raiffeisenbank 14 Card Schemes 14.1 Visa 14.2 MasterCard 14.3 Borica 14.4 American Express 14.5 Diners Club 15 Prepaid Cards 15.1 Prepaid Cards Market Analysis 15.1.1 Number of prepaid cards in circulation 15.1.2 Prepaid cards transaction value 15.1.3 Open-loop prepaid cards 15.1.4 Closed-loop prepaid cards 15.1.5 Prepaid cards comparison 16 Appendix 16.1 Tables 16.2 Methodology 16.3 Contact Timetric 16.4 About Timetric 16.5 Timetric's Services 16.6 Definitions 16.7 Disclaimer
List of Tables
Table 1: Bulgaria - Key Facts, 2013 Table 2: Regional Benchmarking of Bulgarian Payment Cards Instrument, 2013 Table 3: Specialized Cards for High-Income Customers Table 4: Specialized Cards for Young Population and Students Table 5: Specialized Cards for Shoppers and Vehicle Owners Table 6: Specialized Cards for Female Population Table 7: Specialized Cards for Business Managers and Entrepreneurs Table 8: Regional Benchmarking of Bulgarian Debit Cards, 2013 Table 9: Bulgaria - Visa Domestic Interchange Reimbursement Fees Table 10: Bulgaria - MasterCard Consumer Card Domestic Interchange Reimbursement Fees Table 11: Bulgaria - MasterCard Commercial Card Interchange Fees Table 12: Bulgaria - Debit Cards Comparison and Key Features Table 13: Regional Benchmarking of Bulgarian Credit Cards, 2013 Table 14: Bulgaria - Visa Domestic Interchange Reimbursement Fees Table 15: Bulgaria - MasterCard Consumer Card Interchange Fees, 2014 Table 16: Bulgaria - MasterCard Commercial Card Interchange Fees Table 17: Bulgaria - Gold Credit Cards Comparison and Key Features Table 18: Bulgaria - Premium Credit Cards Comparison and Key Features Table 19: Bulgaria - Commercial Cards Comparison and Key Features Table 20: Bulgaria - Market Entry Strategies of Foreign Banks Table 21: Regional Benchmarking of Bulgaria Prepaid Cards, 2013 Table 22: Bulgaria - Prepaid Cards Comparison and Key Features Table 23: Bulgaria - Payment Instruments Transaction Value (BGN Billion), 2009-2013 Table 24: Bulgaria - Payment Instruments Transaction Value (US$ Million), 2009-2013 Table 25: Bulgaria - Payment Instruments Transaction Volume (Million), 2009-2013 Table 26: Bulgaria - Number of Cards in Circulation by Card Types (Thousand), 2009-2018 Table 27: Bulgaria - Transaction Volume by Card Type (Million), 2009-2018 Table 28: Bulgaria - Transaction Value by Card Type (BGN Billion), 2009-2018 Table 29: Bulgaria - Transaction Value by Card Type (US$ Million), 2009-2018 Table 30: Bulgaria - Personal and Commercial Cards Transaction Value (BGN Million), 2009-2018 Table 31: Bulgaria - Personal and Commercial Cards Transaction Value (US$ Billion), 2009-2018 Table 32: Bulgaria - Number of Debit Cards in Circulation (Million), 2009-2018 Table 33: Bulgaria - Debit Cards Transaction Volume and Frequency by Channel, 2009-2018 Table 34: Bulgaria - Debit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 35: Bulgaria - Debit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 36: Bulgaria - Number of Debit Cards in Circulation By Scheme (Thousand), 2009-2013 Table 37: Bulgaria - Debit Cards Transaction Value By Scheme (BGN Million), 2009-2013 Table 38: Bulgaria - Debit Cards Transaction Value By Scheme (US$ Million), 2009-2013 Table 39: Bulgaria - Debit Cards Transaction Value by Issuer (BGN Million), 2009-2013 Table 40: Bulgaria - Debit Cards Transaction Value by Issuer (US$ Million), 2009-2013 Table 41: Bulgaria - Number of Credit Cards in Circulation (Thousand), 2009-2018 Table 42: Bulgaria - Credit Cards Transaction Volume and Frequency by Channel, 2009-2018 Table 43: Bulgaria - Credit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 44: Bulgaria - Credit Cards Total and Average Transaction Value by Channel, 2009-2018 Table 45: Bulgaria - Number of Credit Cards in Circulation By Scheme (Thousand), 2009-2013 Table 46: Bulgaria - Credit Cards Transaction Value By Scheme (BGN Million), 2009-2013 Table 47: Bulgaria - Credit Cards Transaction Value By Scheme (US$ Million), 2009-2013 Table 48: Bulgaria - Credit Cards Transaction Value By Issuer (BGN Million), 2009-2013 Table 49: Bulgaria - Credit Cards Transaction Value By Issuer (US$ Million), 2009-2013 Table 50: Bulgaria - Credit Cards Balance Outstanding By Issuer (BGN Million), 2009-2013 Table 51: Bulgaria - Credit Cards Balance Outstanding By Issuer (US$ Million), 2009-2013 Table 52: Bulgaria - Number of Commercial Cards in Circulation (Thousand), 2009-2018 Table 53: Bulgaria - Commercial Cards Transaction Value (BGN Million), 2009-2018 Table 54: Bulgaria - Commercial Cards Transaction Value (US$ Million), 2009-2018 Table 55: Bulgaria - Card Fraud (BGN Thousand), 2009-2013 Table 56: Bulgaria - Card Fraud (US$ Thousand), 2009-2013 Table 57: Bulgaria - Number of Prepaid Cards in Circulation (Thousand), 2009-2018 Table 58: Bulgaria - Prepaid Cards Transaction Value (BGN Million), 2009-2018 Table 59: Bulgaria - Prepaid Cards Transaction Value (US$ Million), 2009-2018 Table 60: Bulgaria - Open-Loop Prepaid Cards, 2009-2018 Table 61: Bulgaria - Closed-Loop Prepaid Cards, 2009-2018 Table 62: Key Definitions
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