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Bulgaria is entering the final stages of its transition to euro-denominated card payments, marking a significant milestone in the nation’s path toward full euro adoption.
While public perception may suggest an overnight shift, the process has been meticulously planned over several years by the Bulgarian National Bank (BNB) in close coordination with key financial and governmental institutions.
Leading the charge are the BNB and BORICA AD, along with the Government Securities Depository (DDZK), the Central Depository AD, and the domestic banking community.
These bodies have guided Bulgaria through critical steps laid out in the National Plan for the Introduction of the Euro. Notable achievements include the successful integration of the country’s payment infrastructure into the Eurosystem.
Since 2023, Bulgarian banks and the BISERA customer payment system have been operating on the Eurosystem’s consolidated TARGET platform.
They have also joined the TARGET2-Securities platform, which streamlines securities settlement across the euro area, reinforcing Bulgaria’s financial ties with the European Union.
A crucial shift occurred when a joint initiative between the BNB, Ministry of Finance, and BORICA migrated public budget payments in leva to SEPA (Single Euro Payments Area) standards. This aligned all domestic customer payments with Eurozone protocols, setting the stage for seamless euro transactions.
In July 2024, the BNB achieved full SEPA reachability by joining the STEP2 platform managed by EBA Clearing. This opened the door for Bulgarian banks to conduct euro payments with over 4,800 service providers across the SEPA zone.
By December 2024, both the BNB and BORICA began participating in the TIPS (TARGET Instant Payment Settlement) platform, allowing for cross-border, round-the-clock euro payments executed in under 10 seconds.
Preparations for migrating card payments to the euro are nearing completion, with BORICA’s integration into TARGET scheduled by year-end. All indications suggest Bulgaria’s payment systems and settlements infrastructure are on track for a timely transition.
Statistics from the European Central Bank (ECB) reveal the growing role of digital payments. In 2023, Bulgaria recorded 572.3 million non-cash transactions totaling BGN 1,098.5 billion.
Card payments alone accounted for over 310 million transactions valued at BGN 20 billion. The first half of 2024 saw an additional 164.8 million card transactions worth BGN 9.4 billion—underscoring the central role of card-based payments in the national economy.
As of February 2025, euro-denominated deposits represented 25% of total household and non-profit deposits, and 32% of deposits by financial and non-financial enterprises, reflecting strong public alignment with the euro area.
Post-euro adoption, the BNB will retain its operational independence under the amended Bulgarian National Bank Act. It will continue managing key systems such as TARGET-BNB and supervise payment providers in line with EU legislation.
The central bank will also remain responsible for emergency liquidity assistance and statistical reporting to the European System of Central Banks (ESCB). Meanwhile, the upcoming introduction of the digital euro promises additional benefits.
Designed for secure, confidential, and instant payments, the digital euro will be free for consumers and accessible to individuals with disabilities or limited banking access. Officials say it will foster financial inclusion and reduce Europe’s reliance on non-EU payment systems.
With technical and regulatory frameworks falling into place, Bulgaria’s euro payment transition now hinges on final integrations and public readiness—signaling that the country is poised to take a decisive step toward deeper Eurozone integration.