MNB weighs measures to expand use of instant payment systems

MNB

The National Bank of Hungary (MNB) outlined measures it is considering taking to expand the use of the instant electronic payment system in a report published on Wednesday, according to a report by state news wire MTI.

In its fresh Report on Payment Systems, the central bank, and financial market regulator noted that 80% of Hungary's adult population uses electronic payments, but said there is still "significant room" for further growth and presented a number of steps it could take to promote the system. Hungarian banking clients who opt to use the instant payment system can make transactions electronically in under five seconds.

MNB said it is mulling raising the instant payment system transaction cap from HUF 10 million to HUF 30 mln as well as implementing a chargeback process. It also wants to roll out a centralized QR code authentication procedure, regulate the way QR code-based payment initiation is presented thus allowing easier identification for consumers, and give users the chance to leave positive feedback.

The central bank will publish its proposed measures by the end of June. They could be finalized by the end of September, after public consultations, clearing the way for their implementation by the middle of 2023.

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