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Mastercard reveals Infrastructure Development Program

Mastercard has announced a three-year Infrastructure Development Program, aiming to raise the number of Hungarian businesses that accept credit cards as a form of payment, news site reports.

According to the article, the program provides a one-time financial support to businesses in order to facilitate ordering and installing credit card terminals. One of the main aims of the project is to decrease the current waiting period of multiple weeks to as few as three days, allowing businesses to get a fully operational terminal as soon as possible.

The other goal of the program is to digitalize the entire administration process of participating companies. With the help of the program, the number of commercial establishments that accept credit cards may double in the next three years, Mastercard says, noting that the SME sector might observe the highest growth rate in this regard.

Citing figures by the National Bank of Hungary (MNB), says that the number of establishments accepting credit cards reached 145,000 by the end of 2018. Still, the number is still below that of cash registers digitally connected to the National Tax and Customs Administration (NAV).