The number of POS terminals in Bulgaria has increased by 30 percent during the period from the launch of Visa's "Bulgaria Boundless" initiative in December 2022 to June this year. The company reported the data.
Visa notes that the expansion of the digital payments network has been supported by preferential terms for businesses — transaction fees of up to 1 percent, free SIM cards when needed, and a 20 percent discount on the purchase of new POS devices. According to the company, the active involvement of small and medium-sized enterprises has made a significant contribution to the achieved growth. By December 2025, merchants participating in the program will hold 10 percent of all active POS devices in the country.
The initiative is being implemented in collaboration with Bulgarian banks, financial institutions, public, and non-governmental organizations. Its goal is to facilitate the adoption of digital payments and improve business competitiveness, Visa explained.
"Expanding the opportunities for digital payment acceptance means much more than just adding new POS terminals. It means providing businesses of all sizes with the necessary tools to grow, reach more customers, and adapt to the way people increasingly prefer to pay. Through 'Bulgaria Boundless,' together with our partners, we are working to ensure that secure and convenient digital payments are more accessible throughout the country and support a more competitive and digitally connected Bulgarian economy," commented Petar Krilchev, Visa Manager for Bulgaria.
A separate study by Payments Europe — a trade association representing global and European card payment solution providers — shows that the payment market in the country is diverse and competitive, offering benefits to both merchants and consumers.
Among surveyed Bulgarian merchants, 82 percent cite a reduced risk of fraud and theft as an advantage of card payments, while 80 percent believe they contribute to sales growth. An additional 66 percent report improved operational efficiency, 61 percent point to the ability to accept payments from foreign customers, and 58 percent believe that cards stimulate consumer spending.
Merchants see a balance between the costs and benefits of card payments. Three-quarters of them describe card acceptance fees as reasonable compared to the benefits received, and 66 percent agree that the benefits outweigh the costs. More than half acknowledge that the costs of traditional payment processes can ultimately turn out to be more expensive than card transaction fees. Furthermore, 82 percent indicate that a wider range of payment options has led to an increase in their turnover.
The study also points out that cards remain the preferred payment method for 76 percent of Bulgarian merchants, followed by cash payments at 71 percent. Security is a leading factor in choosing a payment method — 51 percent of merchants define it as the most important consideration.
Consumers also rank cards highly for convenience. 62 percent consider them a convenient way to pay, and 52 percent define them as the best payment method in physical stores.
According to the study data, 74 percent of Bulgarian consumers identify cards as the payment method they trust most, and 83 percent state they feel secure when paying by card, thanks to its security and protection features. Seven out of ten consumers feel safe with online payments and believe they would get their money back in the event of card fraud. When traveling abroad, 78 percent have greater confidence in cards compared to other methods of payment.
Consumers also point to practical benefits beyond the moment of payment — 72 percent believe that cards facilitate returns and filing complaints, while 62 percent value the ability to track and control their spending. The results also show growing expectations for broader access to digital payments, with 57 percent of those surveyed supporting wider adoption, Visa noted.