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In the Bulgarian market, the presence and penetration of BNPL products and services is still limited, compared to the more mature markets in US and Europe, which is a guarantee for strong growth potential.
From the banking sector only UniCredit and TBI Bank offer quazi-BNPL options to consumers. From the non-banking sector, a handful of players like MFG, Vnoska.bg and NewPay currently provide a type of BNPL payment option.
In the Bulgarian market, cash payment on delivery is still the most preferred for online purchases accounting for approximately 80% of all purchase payments, says the Executive director of NewPay, Ivaylo Ivanov - "This is the case for all online stores. The main factor relates to our built-in mistrust as Bulgarians towards online trade, as well as online payments.”
However, global digitalization trends are in the direction of breaking this monopoly worldwide across all business segments. Bulgaria is not an exception and follows, albeit slowly, the EU trends, which indicates that BNPL will only continue to emerge in our market as well.
We plan to speed up this transformation by providing to all players fast, transparent, secure and low cost digital payment options, including unique direct debit and recurring transactions, connecting both sides (lenders and consumers).