2024-07-06 13:12:42
5% of all active POS terminals in Bulgaria are used by merchants participating in the “Bulgaria BezBroy” program as of December 2023.
Small, independent businesses are at the heart of the European economy, accounting for more than half of Europe’s gross domestic product (GDP) and employing nearly 100 million people. In Bulgaria, the number of small and medium-sized enterprises (SMEs) increased by 9% in 2023 compared to 2022.
Over the past few years, small businesses have faced tough economic conditions and changing consumer behavior. Inflationary pressures pose new challenges and it is crucial that SMEs get the support they need to grow. Visa strives to provide the highest level of payment services to small businesses to help them thrive.
The “Bulgaria Without Number” program is implemented in partnership with Bulgarian banks, financial institutions, governmental and non-governmental organizations from December 2022. It offers new opportunities for SMEs that are looking for ways to recover from economic instability and adapt to the rapidly changing digital environment. Its main goal is to facilitate the acceptance of digital payments and to stimulate the digitization of business in Bulgaria. The program is a step towards modernization and increasing the competitiveness of small and medium enterprises in the country.
The share of merchants in Bulgaria who have digitized their activities through Visa’s “Bulgaria BezBroi” program in 2023 is 60%. One-third (33%) of all new POS terminals were installed at merchants attracted through the program, and 61% of all new terminals at the program’s partner banks were installed at participating merchants, Visa data shows.
In December 2023, 5% of all active POS terminals in Bulgaria are used by merchants participating in “Bulgaria BezBroi”. The three leading market segments by share of the volumes generated by merchants attracted through the program are fast food restaurants – 7%, followed by professional services – 4%, and restaurants – 3%.
“Bulgaria BezBroi” is not only a measure to deal with the current economic challenges, but it is also an investment in the future of business and economic growth of the country. By providing a preferential fee of 1% or less of the transaction value, as well as free SIM cards for payment terminals (if needed), the program creates an incentive for SMEs to enter the world of digital payments. In this way, they not only facilitate payment processes for their customers, but also improve the efficiency of their own operations,” said Krasimira Raycheva, manager of Visa Bulgaria.
The Bulgaria Without Number program provides support in three strategic areas that are key to Bulgaria’s economic recovery: enabling small businesses to take advantage of digital payments, building an online presence, and encouraging consumers to support small businesses .