Bulgarian Payment Institutions Sector Is Becoming More and More Diverse

Bulgarian Payment Institutions Sector Is Becoming More and More Diverse

New alternative online and mobile payment channels and solutions enter the market

“The alternative payments market is growing rapidly and I’m expecting new payment institutions competing the bank services will start appearing” – said Tsvetomir Doskov, manager of banking and financial technologies company Sirma Business Consulting – “The good news is that all new entrants in this segment are aware of the need for electronic and mobile communication channels with their customers and are open to new trends.”

Among the new companies in the registry of authorized payment institutions are firms which proceed cash transfers, as well as such that provide services like depositing and withdrawing money from a current account, funds transferring, card transactions and more… It is expected the number of these firms and and variety of services they offer will be constantly increasing during the next years.

“Notwithstanding the fact that they are not banking institutions, those companies’ activities are no less important and responsible and comply with equally serious regulatory requirements. Meanwhile, the growing competition in this segment requires all new players to be more and more innovative and to offer different ways for facilitating end customers. The new online and mobile payment channels will play a key role in determining future market leaders in the industry and I expect an increase in the supply of software solutions and consulting services in the fields of banking and financial technologies”- explained Doskov.

Source: Sirma Group
CATEGORY: Bulgaria

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