Payment System Efficiency Continues to Improve - 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.
Hungary PMI Points to Contraction in June
Strengthening EU Competitiveness Goal of Hungary's EU Presid...
New Railway Technical Regulations Being Prepared
Coldplay Tour Dates Boost Budapest Bookings
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.
