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Electronic Payments Rising Rapidly in Hungary

Banking

Electronic payments are expanding at a "rapid" pace in Hungary and accounted for 36% of all domestic transactions last year, an annual report released by the National Bank of Hungary (MNB) on Monday shows, according to news agency MTI.

The rate of electronic payments in stores reached 34%, while the value of those payments was over half of the total, although cash was still used more frequently for transactions under HUF 5,000. The ratio of businesses in which electronic transactions accounted for over half of turnover climbed to 27%.

Revenue from payment services in Hungary rose 20% to HUF 749 billion last year.

MNB aims to increase the share of electronic payments in the economy to two-thirds by 2030 and has taken measures to ease electronic payments with the use of QR codes and raise the threshold for instant payments from HUF 10 million to HUF 20 mln.

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