Will cashless payments in our country have a future?

Funds pocketed by the Bulgarian mobile money payment application exceed BGN 300,000 for the first two months after its launch, the company said. It turns out that consumers are willing to pay for small daily purchases as well as shopping in malls, postcards for sports and other entertainment. Currently, in our country, active customers using phyre are over 7000 people, with a slight predominance of men. They represent 63% of the total.

The company reports that the most active users are between the ages of 24 and 50 and are related to their finances. They appreciate their personal time, and although they can manage their money, they are looking for the most practical ways to optimize this process. That's why they use the ability to keep an eye on their costs quickly and easily. Young people aged 18 to 24, who use mobile applications to manage their entire lives, are also very interested and integral to their daily lives.

Still, there is some psychological barrier to mobile payments, adds the company. "Changing people's psychology is a slow process, but it has lasting results." When it comes to our personal data and our money, we have the habit of trusting some institutions where we see Today's technology, however, allows us to guarantee as good a protection as possible for consumers, "said Konstantin Djelebov, co-founder and CEO of Phyre

. phyre are processed by Paynetics under license from the NBB and the electronic money institution of the European Union which is a member of VISA and Mastercard.The application is certified by Mastercard and phyre is a Paynetics agent registered with the NBB with which it meets the highest level of security

The development of the best global industry is indicative of the future of electronic money and mobile payment systems. In half of 2018, investments in the sector exceeded the volume for the whole of 2017. According to Fintech Global, for the first six months of the year, they reached $ 41.7 billion and 2017 at 39.4 billion for the whole of the first six months

a generation strongly badociated with technology predetermines the future of the best industry. We are already seeing how the needs and needs of people are changing, creating the need to develop new products for payments, quick loans, insurance and investments, "adds Jelebov, adding," We all remember the concern and concern of the people. contactless bank cards have emerged. But here we are, in just a few years, taking something normal, which has become a part of our daily lives. We look forward to such a future for mobile translation systems, given the trends we are seeing on a global scale. "

However, the role of cash payments in Bulgaria remains high, adds the company.Even in some sectors of the economy, cash remains a basic payment method. global practices show that the increase in electronic transactions has an impact on the fight against the underground economy because of the ability to track cash flow

. "Our observations show that phyre does not replace the Use of money still prevalent in our country. ", he said.

He shares this part of the application's success because of the option that consumers clearly see for what and how they spend their money – something that is impossible with bank cards and money. The archive, which supports phyre, allows for quick reference and tracking of transactions. In this way, it meets the needs of people from "smart" applications that can save time and effort