Mobile Is the Most Popular Payment Method in Bulgaria
Across the world, digital payment methods are becoming increasingly widespread. Where once cash was king, consumers are now turning to methods that offer greater flexibility. They no longer want to have pockets full of change or make frequent trips to their nearest ATM; rather, they like to know they have constant access to their money at the click of a button.
This is something digital payment methods support, whether Apple Pay, PayPal, an e-wallet, or one of their many other modernistic counterparts. Given the numerous upsides, it's unsurprising these reign supreme, with mobile now boasting 80 per cent of the payment method market share in Bulgaria and e-wallets accounting for two per cent.
Of those who use mobile payment applications, 75 per cent believe in their security, which provides a further compelling explanation for their phenomenal popularity.
We take a look at the factors driving mobile's takeover of the modern payment method market.
Ease of use
For hundreds of years, cash reigned supreme as a payment method. There was a time when it seemed impossible to topple it from its throne, but digital payment methods have managed to do exactly that. A key factor in explaining their dominance in the payment methods market is how easy mobile payments are to make.
One of the issues with carrying cash is that it needs to be physically transported from place to place. However, for convenience and security, most people loathe carrying large sums of money. This becomes an issue when one finds themselves short, necessitating an inconvenient trip to the nearest ATM to withdraw funds.
With mobile payments, this isn't a problem. So long as one has their smartphone on them,...