Popular Local Payment Methods and Solutions in Bulgaria

With Bulgaria increasingly digitising its economy and finding deeper integration within the European and global economy, the development of its payment infrastructure has become key for e-commerce, cross-border trade, and fintech innovative in the country. Whether you are a business looking to expand into Eastern Europe or a Bulgarian merchant taking your business online, knowing the popular local payment methods in Bulgaria is very important.

This blog takes a deep dive into the Bulgarian payment solutions scene, providing insight into the digital payment methods popular in Bulgaria, local preferences, best providers, and how businesses can harness the power of these local payment solutions to ensure secure payments and an optimized customer journey.

Living in Bulgaria? So What About Online Payments?

Bulgaria’s digital economy is developing into one of the most advanced in the EU. Bulgaria With internet penetration reaching 78%, increasing prevalence of smartphones, and higher user trust in digital solutions, momentum around online payments continues to grow in Bulgaria. The ecommerce payments market is estimated to be expanding by more than 10% per year through 2023, with young adults and the transformation to mobile-first becoming the key drivers.

But the world of payments is fragmented, meaning companies have to provide multiple payment options to suit different user desires.

Top Bulgarian Payment Methods

Here, we highlight the most popular payment providers in Bulgaria and the ways they can be used for both in-person and online payments.

a. Card Payments in Bulgaria

Use of credit and debit cards has steadily increased, particularly for online sales. The market is dominated by Visa and Mastercard. Bulgarian customers of retailers are frequently able to use their cards with mobile wallets for faster checkouts.

Tip: Card payments are frequently used for recurring payments – think subscriptions – essential for businesses providing SaaS and services.

b. Mobile Wallets in Bulgaria

The growth of mobile wallets in Bulgaria is indicative of a broader trend in Europe. Apple Pay, Google Pay, and local banking apps (such as Bulbank Mobile, Raiffeisen Smart Mobile) are widely accepted for contactless in-store and app-based payments.

c. Bank Transfers

Remains a go-to for high-ticket items and B2B payments. By adhering to the SEPA system, you can transfer euros to anyone in the EU quickly and securely — an ideal solution if you need to send euros to or receive euros from Bulgaria.

d. Cash on Delivery (CoD)

Ironically, in rural/semi-urban, less digitally literate areas, CoD is still in active use. But its percentage in Bulgaria's e-commerce payments is dropping.

Bulgaria Online Payments Trends to Look for

In Bulgaria, some developing online payment trends are changing how people pay and what merchants need to do.

Buy Now Pay Later (BNPL): BNPL options are being offered by fintech startups, for the most part, to the younger online shoppers.

QR Code Payments: A contactless and COVID-spurred trend starting to influence retail and cafes.

Multi-currency wallets: With more remote work and travel, citizens are using apps that facilitate cross-currency conversions.

Challenges with Local Payment Integration

Many foreign merchants struggle with:

Compliance with EU and Bulgarian regulations.
Bulgaria's local payment methods and e-wallets.
Combating fraud and ensuring secure payment systems for Bulgarian businesses.

So, selecting the best payment gateway is very important.

How to Accept Online Payments in Bulgaria (The Easy Way)

First off, if you need to know how to accept online payments in Bulgaria, particularly if you are a global or cross-border business, here are some things to prioritize:

Service local cards and wallets (e.g., Visa, MasterCard, Google Pay)
Works with SEPA for EU-enabled bank transfers
Protection Against Fraud & PCI DSS Compliance
Fast settlements and real-time reporting
Support for mobile payment applications is available in Bulgaria

TransFi Is the Best Payment Solution for Bulgaria – Here's Why

Created for companies that are ready to grow, TransFi makes global payments simpler and delivers payment solutions to Bulgaria without the integration headache.

TransFi Payment Gateway benefits for Bulgaria are:

Local payment methods in Bulgaria, such as card payments, SEPA transfers, and mobile wallets accepted.
Facilitates cross-border payments to Europe, Asia, and North America.
Provides real-time transaction tracking, FX conversion, and multi-currency settlements.
Guarantees 100% EU fintech regulation compliance.
Extremely flexible e-commerce store and mobile app APIs.

Whether you’re a global business looking to expand in Bulgaria or just a seller locally, TransFi makes it easier and faster to accept payments.

The Future of Digital Financial Instruments in Bulgaria

With Bulgaria opening to fintech innovation, collaborations between financial institutions (banks), startups, and global payment enablers will represent the future. As for open banking features, tokenized payments, and AI-driven fraud detection, we can expect more to follow soon.

To stay ahead, merchants must:

Provide multiple trusted digital payment options for Bulgarian shoppers
Choose scalable platforms like TransFi
Keep their payment flow fresh in order to meet Bulgarian online payment tendencies

Also read: Popular Local Payment Methods and Solutions in Botswana

Conclusion

The payments world in Bulgaria is an interesting crossroads of old and new. Whether it’s mobile wallets in Bulgaria or the emergence of e-commerce payments, merchants want adaptable and forward-looking payment systems.

By having a strong solution such as TransFi, companies can connect the most sought-after payment providers in Bulgaria, cater their services to the taste of local Bulgarians and customers worldwide, and handle cross-border payments – all within a single portal.

FAQs

Which are the most common local payment solutions in Bulgaria?

Visa and Mastercard credit cards, mobile wallets (Google Pay, Apple Pay), and SEPA bank transfers are the most common.

Do they use mobile payment apps for online shopping in Bulgaria?

Yeah, the mobile applications such as Bulbank, Raiffeisen, and the digital wallets are also a really common method to pay in retail and online stores.

How can international companies receive payments in Bulgaria?

It’s through a global payment platform such as TransFi, which supports local cards, SEPA, mobile wallets, and cross-border settlements.

Is cash on delivery popular in Bulgaria?

Although it is still present in some rural belts, its use is declining rapidly because people trust digital payments.

Are there any reliable payment solutions for businesses in Bulgaria?

Yes. TransFi is a PCI-DSS Compliment and fully secure payment infrastructure for everyone in Bulgaria and abroad.

‍

Table of Contents

Suggested Article

Explore our products

Payouts

Make global payments at the speed of a click

Collections

Accept payments, remove borders.

Ramp

Unlock Seamless Digital Currency Transactions Anywhere

Effortless Cross-Border Payment Collections

As the world becomes more interconnected and businesses engage in global trade, the seamless collection of payments from across the globe is increasingly important. Whether you're an eCommerce merchant, a freelancer, or a global enterprise, TransFi’s Collections make collecting payments from customers and partners worldwide not only easy but also secure and efficient. TransFi eliminates unnecessary delays and currency exchange complexities, ensuring your funds are always readily accessible. Our Collections product provides a fully compliant, scalable payment infrastructure with support for over 50 currencies, offering instant settlements in stablecoins or other fiat and digital currencies.

By using TransFi’s Collections, businesses can provide their customers with easy-to-use and familiar local payment options. Our Collections product not only automates business payments but also streamlines global transactions, ensuring the utmost efficiency and reliability for businesses worldwide.

Global Payment Collection, Simplified

Due to differences in regulations, methods of payment, and currency exchange rates, international payments can be difficult to manage. TransFi Collections overcomes these barriers by providing a single platform for companies that allows for multiple methods of payment, such as bank transfers, e-wallets, and stablecoin settlements. This enhances operational efficiency and reduces manual work by allowing businesses to track, manage and reconcile payments through a single dashboard.

TransFi allows businesses to automatically generate and manage invoices, attach supporting documents, and issue reminders to customers to foster effective collections. This proactive approach reduces payment disputes and delays, all while improving cashflow and financial management.

Seamless Payment Collection Experience for Businesses and Customers

TransFi Collections is designed to give businesses an efficient and smooth payment solution with the assurance of a secure and frictionless customer experience. Through our platform, businesses can accept payments in local currencies and convert automatically to stablecoins or fiat, making the hassles of currency exchange a thing of the past. With rapid and trusted settlement, businesses do not have to wait for slow international banking processing times anymore, gaining quicker access to funds. Our APIs can also be incorporated directly within the platforms of businesses, minimizing manual intervention and facilitating payment processing. TransFi Collections also provides real-time insight into transactions using different analytics and reporting tools, empowering businesses with key insights. No matter your requirement, be it managing recurring payments, processing single invoices, or dealing with bulk collections, our solution automates payment workflows to reduce administrative efforts and maximize efficiency. By simplifying the payment processes for both companies and their clients, TransFi Collections optimizes financial operations so that firms can concentrate on development and customer satisfaction without worrying about delays in settlement or complicated integrations.

Benefits of Partnering with TransFi for Cross- Border Payment Collections

Collaborating with TransFi for cross-border payment collections guarantees an efficient and seamless process for companies across the world. With borderless payment collection, companies can receive payments anywhere in the world without having to go through different banking networks or paying high conversion charges. TransFi Collections allows companies to collect money from foreign customers through local payment channels, thus providing greater reach and conversion rates. Real-time settlements remove the delays of traditional banking and allow payments to be made in stablecoins or fiat instantly, providing continuous cash flow. Automated invoice processing streamlines payment processes, saving manual labor and boosting efficiency by creating invoices, adding required documents, and sending timely reminders. Scalable API integration enables businesses to seamlessly integrate TransFi Collections into their current platforms, making global payment collection scalable and efficient. Advanced security and compliance provide the assurance that all transactions are encrypted, secure, and regulated to the highest standards. TransFi Collections is not merely a payment gateway but a full suite of solutions empowering businesses with scalable, compliant, and efficient payment collection services. Whether you collect payments from suppliers, freelancers, or international customers, our platform provides timely, cost-saving, and secure transactions. Step into a digital future of payments with TransFi and feel the force of borderless, seamless collections.

Empower Your Business with TransFi Payment Collections

TransFi Collections is not only a payment gateway but a complete solution that empowers businesses operating across borders with secure, cost-effective, compliant, as well as scalable payment collection tools. From payment collections for goods and services to e-commerce transactions, TransFi Collections provides effortless, secure, and instantaneous settlements.

With TransFi, businesses can experience the future of digital payments and the power of borderless and hassle-free collections. Our user-friendly dashboard facilitates seamless transactions and allows businesses to collect payments against goods and services, experiencing transaction speeds in seconds. Freelancers and influencers can also benefit from real-time transactions, enhancing the efficiency of their global payment collections. Using our secure and scalable stack, e-commerce businesses can achieve 90%+ conversion rates, 99%+ uptime, and low latency, ensuring enterprise-level performance.

Integrate TransFi Collections with your business and experience secure, seamless, and scalable payments that are not only efficient and reliable but also globally compliant.