Bulgaria POS Terminals Market Size

Bulgaria POS Terminals Market Analysis

The POS Terminals Market in Bulgaria is anticipated to register a CAGR of 12.8% during the forecast period. Due to the growing popularity of contactless and cashless payments, the country's point-of-sale terminals market is expected to provide significant opportunities. Additionally, the growth of the Bulgarian market is fueled by SMBs' use of mPOS solutions.

• One of the major factors driving the market's growth is the use of e-wallets and mobile payments. Customers are getting used to storing their debit/credit cards, even loyalty cards, in e-wallets. It is anticipated that mobile payments and e-wallets will gain more ground Because the number of smartphone users has been increasing in the country, which is driving the POS market in Bulgaria.
• The country is transforming towards the adoption of digital payments. Digital payments quicken and simplify the checkout process, making it easier for customers to keep track of their spending and transactions. According to a Paysafe report, more Bulgarians are using contactless payment methods, including near-field communication-based POS terminals. Additionally, Debit cards are used by 45% of Bulgarian consumers when they shop, whereas 24% prefer digital wallets.
• The Bulgarian National Bank reports that cards, mobile phones, and smartwatches were used to make 99.48% of the total number and 99.68% of the value of payments made at POS terminal devices in the first half of last year Even. At the same time, their contribution is still small, and the number is rising. The trend of rising card payment transactions on POS terminals is anticipated to continue this year.
• Retailers and businesses benefit from POS. However, there are some challenges for which end users must be prepared for risks, including device flaws, phishing attempts, and network infrastructure vulnerabilities. Hackers can quickly access vital data and documents, including credit card information for consumer business accounts, by breaching the infrastructure. These create threats among the users to adopt POS terminals for payments.
• The continuous COVID-19 pandemic has made touchless payments necessary. As the trend toward digital payments is rising, companies in the point-of-sale terminal market are leveraging incremental opportunities by expanding the availability of POS terminals. There is a growing understanding of the importance of routinely disinfecting point-of-sale terminals to stop the coronavirus from spreading. To take payments of lower quantities with the least amount of physical contact, retail shop owners are implementing POS systems with NFC (Near Field Communication) capabilities. The trend has been continuing after the pandemic, creating a growth opportunity for the POS terminals market in the country.