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2/3 of Hungarians prefer phones over cards for payment

Some two-thirds of Hungarians would prefer using their phones for payments rather than credit cards, with about one-quarter also keen on using smart watches for paying, show data published by Mastercard.

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Mastercard says that the growing number of mobile wallets and the increasing freedom provided by financial services may change the publicʼs general financial habits.

These services are also extending in Hungary. Mastercard clients alone can choose between six Hungarian mobile apps, as well as Apple Pay, freshly introduced to Hungary. This means it is now possible to pay with both iOS and Android devices. The company says that paying with a smartphone is essentially the same as paying with a contactless card, as 86% of terminals in Hungary are now compatible with contactless payments via phone.

The company says that the high willingness to use smartphones for payment stems from the level of smartphone penetration in Hungary, as some 92% of people are said to be walking around with smartphones in their pockets, with 69% keen on using them instead of credit cards for paying. The rate of those who would be happy to pay with smart watches is 26%.

Furthermore, some 42% of those surveyed said they utilize mobile banking services when taking care of finances, 17 percentage points higher than three years ago. About 21% have already tried mobile wallets and 31% have already sent money through a P2P service, such as PayPal.

"Within a few months, Hungarian consumers may recognize changes which they had to wait years for before," says Endre Eölyös, Mastercardʼs country manager for Slovenia and Hungary. "We at Mastercard see an innovation opportunity in these areas, and together with our partners we are working on services allowing card holders to move around quickly, conveniently, and safely in this new, digital world."