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.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
