Electronic payment option mandatory from January


Photo by STEKLO / Shutterstock.com

From January, with some exceptions, merchants will be obliged to offer electronic payments, which may also be effective against the black economy, State Secretary for Finance Gábor Gion, of the Ministry of Finance, told pro-government daily newspaper Magyar Nemzet.

Photo by STEKLO / Shutterstock.com

The state secretary explained that an amendment passed by parliament last week requires traders using online cash registers to guarantee a cashless payment option.

It is also appropriate for the trader to offer the possibility of an immediate bank transfer or to transfer the purchase price using the consumer’s mobile phone.

The latter process is not yet smooth enough, but the financial authorities are confident that the banking sector and the communications sector will develop mobile phone applications this year that will shorten such payments by a few seconds, Gion noted.


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