Media Center

Growing market share of bcard meal e-vouchers 

October 16, 2024, Sofia

Stoilka Arsova, Director of the National Card and Payment Scheme, announced that the market share of bcard e-vouchers has reached nearly 30%, with expectations that it will grow to 45% of the market by 2025. She highlighted that the Bulgarian product is becoming increasingly sought after by retail outlets, including those in smaller towns. One of its advantages is that it offers lower fees to the institutions serving and accepting bcard e-vouchers compared to the international card products on the market. For example, the interchange fee, which is a component of the merchant's commission*, is 0.3%, or five times cheaper.

"The product is developed entirely in accordance with the Bulgarian legislation and ensures that all payments for social purposes are processed transparently, in Bulgaria, by BNB-licensed participants, and through the BORICA system. Bcard e-vouchers offer clear accountability with every payment, do not increase costs, and do not cause stress in the market." According to Arsova, it is unreasonable for a national social product to be processed outside the country.

The operators issuing the national electronic meal voucher announced the founding of the association "Board of the Bulgarian operators of electronic meal vouchers" to focus attention on the Bulgarian product as a cost-effective alternative to international ones. "Our goal is to protect the interests of all participants in the chain—not only the meal voucher operators but also the merchants and employers. It has become evident in recent days that there is a problem, but it does not stem from the prices of bcard e-vouchers," said Radko Vragov, Chairman of the newly formed association and Chief Prosecutor of Microfund, one of the eight operators offering bcard e-vouchers.

Five companies are the founding members of the association: "Microfund" EAD, "City Invest Group" AD, "Motobul" EAD, "Fiducia" AD, and "Myfin" EAD, with others expected to join soon.

The representatives of the association cited the official position of EuroCommerce** from the beginning of the year, which stated that the costs of accepting meal vouchers need to be reduced, mainly through the reduction of interchange fees to normal market levels.

*The fee paid by the bank that owns the POS terminal at the retail outlet to the bank of the e-voucher operator. The interchange fee is determined after consultations with operators, merchants, and all institutions serving POS terminals.
** EuroCommerce is a leading European organization representing the retail and wholesale sector. It encompasses national associations in 28 countries, sectoral associations, and international companies. EuroCommerce is a recognized European social partner for the retail and wholesale sector.