Google Pay Sets Foot on Bulgarian Market

Business | November 18, 2020, Wednesday // 11:18| Views: | Comments: 0
Bulgaria: Google Pay Sets Foot on Bulgarian Market

The trending study of digital banking carried out  by Mastercard on European level showed growing interest in digital technologies and services among Bulgarian consumers as compared with those in the other countries of the Old Continent

Google Pay makes an official entry on the Bulgarian market as of today. Vanya Manova, Mastercard manager for Bulgaria, North Macedonia, Albania and Kosovo revealed the long-awaited news to Radio Stara Zagora.

The Google Pay service becomes accessible first to the customers of fintech company Paytechnics with their Phyre mobile portfolio. The customers of two telecom providers, A1 and Vivacom will also get access to Google Pay, same as customers of the Bulgarian-American Credit Bank. 

The main challenge was for Google to estimate Bulgaria as a market with good potential, Manova emphasized.

The trending study by Mastercard on digital banking carried out on the European level shows growing interest to digital technologies and services among the Bulgarian consumers as compared with those in other countries of the Old Continent. According to the study, 34% of Bulgarians already use apps of digital banks. For over 70% of local consumers the most important advantage of mobile payments is their swiftness.

The spike in e-commerce in Bulgaria has been registered in the first weeks of the pandemic. About 17% of the Bulgarian consumers made shopping online for the first time, while many customers have opted for a greater variety of products and services.

The new functionalities related to the improvement of e-pay safety are being implemented in Bulgaria too:

“We have adopted a standard which enables all banks and financial institutions to introduce biometric authentication of their customers. This measure allows to drop passwords, codes, etc. By confirming their identity with only a finger print or facial recognition people will be able to safely confirm their online purchases. This is fully in line with the requirements set by the EU regulatory bodies, and specifically PSD2 for two-factor customer authentication. This service is already offered on the Bulgarian market,” Vanya Manova said.

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Tags: mobile services, Google Pay, e-commerce
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