The competition on the Bulgarian market of fintech services is growing. As of today, Settle, a European application for mobile payments, is working in Bulgaria, making our country the 22nd market of the company on the Old Continent.
Settle offers users to send and receive money only with a registration and a mobile number. Unlike most other similar applications, it does not require account preloading. Instead, users can link their debit card and send real-time money to other users. The funds can be transferred to the bank account of the receiving party.
Settle also offers the possibility for business accounts. Companies will be able to register by phone number and receive payments in an identical way. The application has no monthly fees, and business customers will pay a fee for sales. The funds are automatically transferred to the account of the respective company.
Revolut, popular in Bulgaria, also offers instant money transfer between users free of charge. Such a service is also built into the Bulgarian mobile wallet phyre, which is the basis of the portfolios offered by mobile operators in our country.
In February this year it became clear that the Bulgarian “Borika” will soon offer a similar solution to all Bulgarian consumers. The Mobile Lookup solution is a payment by phone number, in which the money is received within 10 seconds in the recipient’s account, regardless of which bank it is in, and the solution itself is easily integrated into the mobile banking of each bank. It is expected to work in 2021.
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