Every time we transfer money, pay by card, or withdraw from an ATM, a complex infrastructure operates behind the scenes. In Bulgaria, systems like RINGS, BISERA, and BORICA have long handled these processes. With the adoption of the euro, these systems will be fully integrated into European networks, ensuring smooth operations across borders.
End of Domestic Systems: RINGS and Lev-Based Payments
The introduction of the euro marks the end of payment systems in levs.
RINGS, the system responsible for large, real-time payments in levs, will be decommissioned. Its role will be fully taken over by the European TARGET platform, which will handle all urgent interbank transfers.
Meanwhile, daily customer payments, previously routed through BISERA6 – including payments to government budgets – will migrate to the Single Euro Payments Area (SEPA). BISERA, operated by BORICA AD, has already processed euro payments within SEPA and, from July 2024, will offer full European reachability.
Dual Circulation Period: Cash vs. Cashless Payments
The first month after the euro adoption, known as the dual circulation period, will bring different rules for cash and electronic payments.
Cash Payments: Citizens can use both levs and euros for in-person cash transactions during this one-month period.
Cashless Payments: All electronic transfers – from online banking to teller-assisted transactions – will be conducted exclusively in euros from day one. Cashless payments in levs will no longer be possible.
Card Payments: What Changes for Consumers
For most users, card payments will remain largely unchanged. Transactions at POS terminals, ATMs, or online will function as usual.
Behind the scenes, BORICA will process all card transactions in euros, with final settlements between banks handled via the European TARGET platform. For the consumer, this is a technical update that does not alter the day-to-day use of debit or credit cards.
A Faster, More Integrated Financial System
Integration into European payment networks opens opportunities for modern services.
SEPA ensures that cross-border euro payments within the area are as fast, simple, and cost-effective as domestic transfers.
Instant payments through TIPS (TARGET Instant Payment Settlement) will allow round-the-clock transfers in euros, both domestic and cross-border. Bulgarian banks, with support from the BNB and BORICA AD, are already part of this system, enabling rapid, seamless transactions