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Value of card purchases up, but still under cash withdrawals

The value of Hungariansʼ purchases with bank cards continued to climb in the double-digits in the third quarter, but reached still only 78% of cash withdrawals made with those cards, data released by the National Bank of Hungary (MNB) on Monday show, state news wire MTI reports.

The value of purchases made in Hungary with domestically issued bank cards rose 22% year-on-year to HUF 1.6986 trillion in Q3. The value of cash withdrawals made with those cards increased 7% to HUF 2.1796 tln during the period.

The number of POS terminals at brick-and-mortar businesses in Hungary grew 1% to 145,600 in one year although dropped 1% from the previous quarter. About 88% of them could accept contactless payment.

The number of businesses accepting payment by bank card online increased 15% in one year to 13,100.

The value of purchases aboard made with domestically issued bank cards jumped 36% to HUF 301.7 billion.

Hungarian financial institutionsʼ revenue from providing payment services came to HUF 151.9 bln in Q3, up nearly 12% from the same period a year earlier. Fixed payments for payment services generated HUF 50.2 bln of total payment services revenue in Q3. Transaction-based revenue came to HUF 26 bln and revenue based on the value of transactions reached HUF 75.7 bln.