Hungary Rolls out Instant Payment Option for Payment Requests

MNB

Hungarian consumers and businesses now have the option to use an instant payment system for electronic payment requests, the National Bank of Hungary (MNB) said on Wednesday.

Rules in force from April 1 require all local banks to allow account holders to choose the instant payment system to transfer money for payment requests, regulated messages containing all information necessary for payments, the central bank and financial market regulator said.

The automated instant payments for the payment requests are free of charge and exempt from transaction duties for retail bank clients.

Account holders at local banks may use the function to pay their bills, make purchases at shops or even split the dinner bill with a private individual, MNB said.

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