Fibank Fibank is ranked first by volume of payments made with debit and credit cards based on information from the card organizations
The convenience and security of payments by bank card, the growing number of retail outlets accepting such payments and the introduction of the new technologies such as chip cards are part of the prerequisites for the customers of First Investment Bank to be the most active users of card products in the country. At the recently finalized national campaign organized by VISA Bulgaria, Fibank awarded a record number for Bulgaria of its cardholders - 81, and one of them won the grand prize - a trip to London.
In 2011, Fibank already ranks first in the country by volume of payments with debit and credit cards based on information provided from the card organizations. “The reason for this is the consistently implemented by the bank over the years policy of encouraging payments by debit and credit cards at retail outlets. The activity of banks in the organization of original and attractive campaigns with national coverage supported by VISA and MasterCard card organizations is also of great importance. The introduction and implementation of new technologies like contactless payments, YES program and the more huge introduction of POS terminals in retail outlets are also factors that determine this trend”, said Nicola Bakalov, Director of Card Payments at First Investment Bank.
The consumption of debit and credit cards for the past three years - from 2008 to mid 2011 - marks a significant change. Customers appreciated the convenience of electronic payments and increasingly began to use their cards when shopping. Credit card payments recorded the largest increase - in the first two quarters of 2011 their number reached 11 payments per card, which is an increase of almost 100% over the same period of 2008.
Cardholders gradually limited withdrawals from their credit card at ATM – the drop for the last three years amounted to 38%.
Holders of debit cards also changed their behavior: the amounts from payments made by Fibank debit cards increased by 91%. The average amount of cash withdrawals from ATMs also increased from BGN 116 in 2008 to BGN 140 in 2011.
“These trends are logic and follow our stable and consistent policy to develop and encourage the payments at POS terminals and to make card payments a real substitute for cash payment”, said Nikola Bakalov.
New services:
In the end of 2010, Fibank launched its loyalty program YES, which entered the market very seriously. Every day, Fibank includes new merchants and cardholders who benefit from the automated services of the modern system.
In November 2010, the bank also launched contactless payments by positioning Bulgaria on the map of the most technologically advanced European countries. Today, eight months later, nearly 20,000 cardholders make contactless payments at nearly 400 retail outlets in many cities in the country and around the world at sites bearing the PayPass logo.
Since the beginning of 2011, First Investment Bank offers issuance of different brands of credit cards to one or more cardholders to one account by using a single credit limit.
Through the unique portal My Fibank (my.fibank.bg), the Bank’s clients can monitor on daily basis their transactions even before they are recorded in the accounting system of the bank. Any change in the balance of all accounts of Fibank’s customers is also recorded on the portal. This service is completely free.