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Banks spend HUF 30 bln-40 bln preparing for instant payments

Hungarian banks have invested HUF 30 billion-40 bln in infrastructure upgrades to prepare for the launch of system-wide instant payments on March 2, the chief secretary of the Hungarian Banking Association Levente Kovács said at a press conference on Wednesday, state news wire MTI reports.

Association chairman András Becsei said the HUF 10 million cap for instant payments considered a basic service is unprecedented, on a global level, too.

He said the association continues to press for the exemption of retail electronic transfers from the transaction duty which would pave the way for cheaper account packages.

The financial transaction duty on bank transfers stands at 0.3% but is limited to HUF 6,000 per transaction. Retail bank transfers up to HUF 20,000 are exempt from the duty.