Romania and Bulgaria lag in digital payments, though trends show increasing card and mobile use globally.
🔗 Read the article on delfi.lt
[This is an automatically generated summary, for reference only]
Romania and Bulgaria lead the European Union in the number of residents without bank accounts, with Romania having a third of its population unbanked. While both countries are seeing an increase in cashless transactions, cash remains dominant in Romania. In Lithuania, 6% of citizens over 14 lacked bank accounts in 2021, and the use of cashless payments has more than doubled over the last five years, with card and contactless payments becoming increasingly common, especially among younger generations. Smart payment methods like contactless and mobile wallets are gaining traction, supported by user-oriented strategies from companies like Uber and Tesla, and the rise of biometric payments. Globally, the trend towards less cash is evident, with projected significant growth in the mobile payments market. In Romania, low banking infrastructure in rural areas and public distrust in banks contribute to the preference for cash. Bulgaria is seeing faster changes, with a notable increase in card payments driven by e-commerce and mobile banking adoption, although cash use is still linked to the shadow economy and corruption. Both countries face challenges regarding physical banking access, particularly in smaller towns and rural areas.
