Phos partners with BORICA to offer its SoftPoS solution to Bulgarian banks

By Joy Dumasia

Phos, the FinTech behind the leading software-only Point of Sale system, has partnered with BORICA, the maximum payment services provider in Bulgaria, to introduce its SoftPoS solution to the market.

By partnering with BORICA, Phos’ innovative technology will be available to Bulgarian banks, allowing them to offer customers the ability to turn any NFC-enabled Android device, such as a smartphone or tablet, into a payments terminal. 

Postbank became the first bank in Bulgaria to offer a mobile app for contactless payments, turning smartphones into POS terminals. The Smart POS by Postbank app will allow every merchant to offer their customers contactless payments with Visa and Mastercard cards directly via their mobile phone, without the need to maintain costly physical terminals.

The Bulgarian FinTech industry is growing precipitously. Despite the pandemic, in 2020, the operating revenue of the sector increased to £454 million. The digital payments segment was the most significant contributor to the industry’s performance, and in 2020, it represented 66% of total operating revenue.

Brad Hyett, CEO of Phos, said: “We are proud to be working with BORICA to enable financial institutions to offer our SoftPoS solution to customers via a mobile application. Merchants all around the world, especially in Bulgaria, want simple, efficient, and cost-effective methods of accepting payments, and we’re excited to be bringing that capability to more merchants across Bulgaria.”

Neli Yolovska, Chief Sales Director of BORICA, said: “In its role as a national card and payment operator, BORICA has been developing FinTech solutions for many years, focusing on the stability and modernization of the Bulgarian payment infrastructure. In the recent two years, the market more than ever seeks for innovative financial solutions, and we are pleased that the partnership with Phos helps us respond to these needs. We believe that the Bulgarian merchants will appreciate its advantages shortly.”