Coca-Cola HBC Hungary Introducing Cashless Payment Solution

Fintech

Thanks to a unique cooperation with the banking and fintech sectors, customers of Coca-Cola HBC Hungary will be the first within the group to have the opportunity to pay for purchases via instant transfer or by card., according to a press release sent to the Budapest Business Journal.

The technical conditions of the development and the credit card payment are provided by IQOM Consulting Services Kft., the Hungarian partner of the fintech service provider myPOS, while the instant payment option is provided by Raiffeisen Bank

According to the press release, the development will make financial transactions significantly simpler, faster, and safer for Coca-Cola HBC Hungary and for its nearly 35,000 customers, while the solution will contribute to the reduction of cash flow and the faster expansion of the increasingly popular instant payment solution.

Coca-Cola HBC Hungary will initially place 400 myPOS Carbon devices on the market with the CCHBC Pay application, developed by IQOM Consulting Services Kft., the Hungarian distribution partner of myPOS, which allows contactless payment by card and instant payment.

Through the instant payment system (IPS), electronically initiated individual domestic transfers of up to HUF 10 million could be completed. The financial solution is available 24/7, with a transaction processing time of 5 seconds. The instant payment system is available to customers of Hungarian banks since March 2020. With the instant transfer, a pre-registered email address or phone number can be used as an identifier.

The durable, drop, dust and shock-resistant smart POS terminals run on the Android 9.0 operating system, taking advantage of the myPOS AppMarket. Developed specifically to meet the needs of Coca-Cola HBC Hungary, the CCHBC Pay application reduces cash flow and allows the beverage company to track down in real-time all incoming card payments and identify the customer who started the payment as well as the exact time the transfer has been received.

"The opportunity to work with Coca-Cola HBC Hungary demonstrates our commitment to high-quality services and our ability to offer an integrated solution that meets all market needs", said Ferenc B. Tóth, general manager of IQOM Consulting Services Kft.

"The partnership with the largest Hungarian beverage company is very important to us because it allows us to introduce our services first-hand to the more than 35,000 customers they serve. We believe that this cooperation also proves that we are able to work quickly, efficiently, and customer-focused, combining card and transfer payments, with immediate settlement for both. As a privileged distributor of myPOS, we strive to ensure that all businesses get to know us and that we can help them in their smooth financial digitalization," he added.

Gergely Czímer, head of corporate digital and payment solutions at Raiffeisen Bank Zrt., noted, "The modular ecosystem of the Premium API, developed for Raiffeisen Bank's corporate, financial institutional and municipal partners, provides the foundation for real-time, automated operations, supporting cost-effective functioning. This includes our QR code payment solution, with which we were the first to enter the market following the introduction of the instant payment system in Hungary." 

"Thanks to this innovation, our customers can make sure in just a few seconds that their payment has been successful, they are able to check it immediately and the amount received is credited to their account in real-time. Moreover, our service can significantly shorten the administrative process and make logistics chains more efficient. Raiffeisen Bank remains determined to provide its growing number of partners with digital payment solutions that are as simple, fast, and cost-effective as possible,” he said.

In Coca-Cola HBC Hungary's distribution network, almost 80% of the approximately 26,000 customers regularly paid by cash in 2021, accounting for total of 351,000 cash purchases that year. The company will offer this new payment option to all of its customers in the future to raise the service level.

"We are proud to be the first within the Coca-Cola HBC Group that serves 715 million consumers in 29 countries, to introduce the cashless payment solution in Hungary which allows both card and instant transfers. The ongoing test run has received clear positive feedback from our customers, so we expect that after the national roll-out and the trial of this innovative new payment option, around half of our cash customers will switch to the efficient and secure cashless payments within the next year," said Sándor Horváth, project manager responsible for the introduction of cashless payment solutions at Coca-Cola HBC Hungary.

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