Value of bank card purchases up, but still below cash

Telco

The value of Hungarian purchases with bank cards continued to climb in the double-digits in the second quarter, but the value of cash withdrawals made with those cards still exceeded purchases by almost one-third, data released by the National Bank of Hungary (MNB) shows, state news wire MTI reports.

The value of purchases made in Hungary with domestically issued bank cards rose 21% year-on-year to HUF 1.609 trillion in Q2. The value of cash withdrawals made with those cards increased 6% to HUF 2.124 tln during the period.

The number of POS terminals at brick-and-mortar businesses in Hungary grew 4% to 147,100. About 87% of these could accept contactless payment.

The number of businesses accepting payment by bank card online increased 23% to 12,500.

The value of purchases made aboard with domestically issued bank cards jumped 33% to HUF 240.5 billion.

Hungarian financial institutionsʼ revenue from providing payment services came to HUF 145.7 bln in Q2, up more than 10% from the same period a year earlier.

Fixed payments for payment services generated HUF 47 bln of total payment services revenue in Q2. Transaction-based revenue came to HUF 25.6 bln and revenue based on the value of transactions reached HUF 73.1 bln.

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