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Increasing payments via debit and credit cards is a method to help limit the gray economy in Bulgaria, accoridng to Visa Europe experts. Photo by BGNES.
Up to 37% of Bulgaria’s Gross Domestic Product (GDP) comes from the gray economy, according to a Visa Europe survey.
The data was announced by Nikos Kabanopoulos, Vice President, and General Manager of the company for Greece, Cyprus and Bulgaria.
According to Kabanopoulos, increasing payments via debit and credit cards is a method to help limit the gray economy.
Visa Europe data shows that in 2009, the number of credit card payments increased by 47% year on year, amounting to EUR 429 M. The debit card payments are 83% up compared to 2008 or EUR 185 M.
The number of issued debit cards is up 91% year on year. Bulgarians now own 2,1 million credit and debit cards.
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