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OTP rolls out mobile payment solution

OTP Bank and its fintech unit OTP Mobil have announced the rollout of a mobile payment solution, based on instant payments, that reads QR codes, according to a report by Hungarian news agency MTI.

Image by Jessica Fejos

Users donʼt need their bank card details to pay for a transaction, and they get immediate confirmation, OTP Bank managing director Péter Csányi told journalists on Monday. The solution is available online at present, using OTPʼs SimplePay platform, but OTP is open to allowing other banks to use the solution, too, in which case it will become available as a free-standing application, he added.

He noted that the proportion of retail bank clientsʼ electronic transactions is expected to climb from 20-25% to around 50% in under 10 years.

OTPʼs SimplePay platform was used for transactions totaling HUF 238bn in the first half of 2020, almost double the volume in the same period a year earlier.

OTP Mobil managing director Péter Benyó said SimplePay payments for food delivery and for postal cheques had climbed while the country was under lockdown because of the coronavirus pandemic, while payments for cinema tickets and parking had ceased.

SimplePay has 1.25 million registered users.