Starting today, Bulgarians can send and receive money, instantly for free with an app that requires no top-up. Businesses can accept digital payments using only their name, according to Finextra.
No top up required
Up until now, sending money with your phone in Bulgaria has been limited to those who are willing to set up a new bank account and top up that account before payments can be made. Bulgarians can now download the Settle app and connect their card, or use money they receive from others. There is no top-up requirement and you simply pay as you go. You don’t even have to create or own a bank account.
Open for everyone
Settle does not require the users to have a bank account, and you can enroll in 30 seconds. You get a free Settle Account, where you receive and store funds sent to your phone number. If you do have a bank account, funds can be transferred to that account for free. With Settle you can send, receive and pay to businesses without having to wait for a tedious identification process to be completed.
Settle Group will operate through a local unit, Settle Bulgaria, incorporated as a joint venture with local strategic partners, the group said in an e-mailed statement.
Bulgaria is the third country in which Settle Group sets up a unit and the 22nd market in Europe in which the Settle application is functional, according to the statement.
The team behind Settle Group, which was founded in 2010, developed the first mobile payments platform in the Nordics (mCASH) and launched the first mobile payments solution in Norway.