Central Bank Aims to Boost Share of Electronic Payments

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The National Bank of Hungary (MNB) targets an increase in the share of electronic transactions among payments to two-thirds by 2030 from one-third in 2020, the central bank and financial market regulator said in a report on payments strategy published on Tuesday, according to a report by state news wire MTI.

The strategy outlines areas in which policy intervention could be required to better inform the general public, boost the innovative capability of payment service providers, and promote competition while maintaining the current high level of security, as well as to encourage further developments in commerce and bill payments.

MNB noted that the expansion of the network of POS terminals and the rollout of the instant payment system had made cash-free payment a viable alternative in "practically all" payment situations. In 2024, Hungarians will be able to make electronic payments using a QR code at no extra charge, it added.

MNB will use a gauge of "payment development" to measure progress and identify areas that may require intervention.

The watchdog said it would take measures in the interest of achieving strategic goals with regard to payments "only with the close cooperation of affected parties".

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