Voucher Card Spending Could Boost Retail Food Sales

Banking

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Recent government decisions raising the top-up threshold for the Szép voucher card and making food in supermarkets eligible for purchase with the card could contribute to a halt in the decline of retail food sales, Szép card issuer K&H Bank said on Friday, according to a report by state news wire MTI.

The government announced on Monday that employer Szép card top-ups with tax preferences will rise from HUF 450,000 to HUF 650,000 a year, while card balances may be used for purchases of food in supermarkets from August 1 until the end of the year.

The bank noted that the last time Szép card holders were allowed to buy food in shops with their balances, between February 1 and July 1, 2022, 26% of spending with Szép cards issued by the lender went to such purchases.

K&H-issued Szép cards were used to make over HUF 12 bln of purchases in January-May and balances on the cards stood at over HUF 7 bln at the end of the period.

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