MNB: Bank cards used for purchases more, but withdrawals are bigger
According to the latest data published by the National Bank of Hungary (MNB), Hungarians used their bank card for purchases three times more often than they did for cash withdrawals in the end of 2014, though the value of withdrawals was greater.
The MNB said the number of bank card payments came to 85.6 mln in the third quarter of last year and the number of cash withdrawals reached only 26 mln. However, the value of the withdrawals made with a card – worth HUF 1.5 trillion – was well ahead of the value of the purchases made with a card – worth HUF 575.1 bln.
Approximately 96% of purchases with bank cards were made in local brick-and-mortar businesses. The number of domestically issued payment cards reached almost 9 mln at the end of September, MNB said, adding that approximately 38% of the cards had a contactless payment function.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.