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Instant Payment System Transaction Threshold Rises to HUF 20 mln

Banking

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.

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