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K&H Bank starts NFC payment service

In Hungary

Hungarian banks are increasingly turning to wireless payment solutions. After OTP integrated Near Field Communication (NFC) technology into its Simple phone application, K&H is launching its own mobile wallet service.

From yesterday, K&H customers have been able to pay with their mobile phones, using the a new digital product, the K&H mobile wallet, business daily Világgazdaság reports.

A prerequisite of the new service is a Mastercard/Maestro debit card and an Android operating system. K&H spent HUF 6 billion on implementing the new technology.

Statistics show that customers prefer using faster payment methods: between January and September 2017, K&H customers made 45 million transactions with their banking cards, of which 30.6 mln were touch-based. This number is expected to further rise with the introduction of the NFC technology, as transactions below HUF 5,000 are completed automatically; above that a PIN code is requested.

Using the new technology does not require an internet connection, only the activation of the NFC function on the mobile phone. 

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