Hungaryʼs Ministry of Finance will submit a bill to lawmakers in the fall establishing the legal framework for increasing bank card use, State Secretary for Financial Affairs Gábor Gion said at an event organized by business daily Világgazdaság, the paper said this week.
The bill is being drafted to smooth the implementation of a package of recommendations for banks the ministry put together with feedback from the Hungarian Banking Association, Gion said. The government and banks have already agreed on a timeline for executing the changes, he added.
Gion said the biggest challenge to boosting bank card use among Hungarians is overcoming the misconception that it is somehow more expensive than using cash.
Managing the stock of cash in Hungary costs the state HUF 400 billion a year, the state secretary noted.