E-commerce payment system

Residents of Western Bulgaria serviced by the electricity distribution company "Electrohold" now have a hassle-free way to settle their electricity bills online. The company has announced the launch of a virtual point-of-sale (POS) terminal on its website, allowing customers to make payments without the need for registration.

Over 90% of bank payments were made via internet and mobile banking in 2022, highlighting the dominance of electronic networks in daily transactions, which have almost completely replaced cash transactions at the counter, but also a significant part of transactions at ATMs.

Ljubljana – Payment cards are becoming increasingly popular in Slovenia, and debit cards remain the most popular payment method since 2018. Meanwhile, despite seeing an increase, mobile payments have not yet reached the popularity of cards, according to the latest Masterindex survey commissioned by Mastercard.

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.

The local e-commerce market reached 7 billion euros last year, up 36% compared to 2019, according to internal and external data analyzed by PayU, the leader of Romania's online payment market. "E-commerce is one of the fastest growing sectors, and Romania is no exception, registering an accelerated evolution, amid the COVID-19 pandemic, which would normally have occurred in years.

Smart devices and a booming global eCommerce market have driven the rapid adoption of digital payments worldwide. Digital payments have changed the payment industry traditionally dominated by cash and credit cards, offering consumers lower fees and faster transfers at the touch of a button.

Greece is in second-to-last place among the 19 eurozone countries and 24th among all 28 European Union member-states in electronic payments per inhabitant, including payments with credit and debit cards and online transfers of money and e-payments of bills, according to European Central Bank data for 2018.

Some 1.2 million freelance professionals and small companies are set to come under the lens of the tax authorities, which will be scrutinizing their last five years of activity, as the head of the Independent Authority for Public Revenue Giorgos Pitsilis has issued a decision setting new criteria concerning their monitoring.

SafeCharge International Group Limited, which fully owns Cyprus-based SafeCharge Limited, is set to merge with Canadian payments services provider Nuvei in a cash deal worth $889 million.

Nearly 26% of Bulgarians pay a debit card for their online purchases, which is a growth of 8 percentage points compared to 2016. This is clear from a Visa study presented today.

According to the data, Bulgarian citizens continue to recognize the benefits of electronic payments and to increase their confidence in them.