Instant Payment System Transaction Threshold Rises to HUF 20 mln
Photo by feeling lucky / Shutterstock.com
The value threshold for transactions made using Hungary's instant payment system has risen from HUF 10 million to HUF 20 mln from September 1, the National Bank of Hungary (MNB) said on Friday, according to a report by state news wire MTI.
The system, rolled out by the central bank and clearing house Giro in the spring of 2020, enables payments to be made in periods under five seconds. The system is part of the MNB's strategy to raise the share of electronic transfers to two-thirds of all transactions by 2030.
MNB noted that uniform payment initiation methods, using QR codes and NFC, would become mandatory in 2024, further improving the ease of use of the instant payment system.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.