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Payment System Efficiency Continues to Improve - MNB

MNB

Progress has been made in most of the areas of Hungary's domestic electronic payments system, a wider range of customers regularly pay electronically and the use of electronic payment solutions has expanded in all areas of the economy, an annual report released by the National Bank of Hungary (MNB) shows.

The rate of electronic payments in stores reached 39% of all domestic transactions last year, while the ratio rose to 76% for bill payments, the report shows. The ratio of businesses in which electronic transactions accounted for over half of turnover climbed to 34%.

MNB aims to increase the share of electronic payments in the economy to over two-thirds by 2030. 

The costs of payment services remain high both for retail customers and merchants, which may hinder future development, MNB said.

With the introduction of 'qvik' services based on instant payments, which will become available free of charge to all customers in 2024, the central bank is creating a cheap, safe and domestic alternative in most payment situations, the MNB added.

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