Hungaryʼs OTP Bank today launched its contactless mobile payment solution, which has been implemented into its Simple mobile application, according to a press statement sent to the Budapest Business Journal.
OTP Bank acknowledges that contactless bank card payments first outnumbered traditional bank card payments last year, adding that 1.2 million smartphones used in Hungary are equipped with near-field communication (NFC) technology, which is essential for such transactions.
OTP Bank’s Simple mobile application, which is developed by the bank’s fintech firm OTP Mobil Kft., supported transactions of an accumulated HUF 590 million in value in the first three months of the year, which is already more than half of last year’s total traffic.
“The process of digitization is not new for us, we have always tried to be front runners in new trends and to react to consumer demands first,” said Péter Csányi, head of OTP Bank’s Digital Sales and Development Directorate. “As of today, Simple makes contactless payment with mobiles available for millions of OTP clients, without having to contact the bank or mobile service providers,” he added.