Index – Economy – Electronic payment is becoming increasingly popular

In Hungary, 9 million bank cards are used by the population, 75% of them are eligible for material payments. With billcards, mobile payments and other modern electronic payment solutions, the bill can be settled in 110,000 stores and service providers, with a total of nearly 140,000 card readers – said Finance Minister MTI Varga Mihály.

According to the minister, the number of acquittal increases considerably, since according to him, at the end of 2016, only 85,000 are largely due to the terminal installation program of the Ministry of Finance. The value of transactions with credit card also increased, compared to HUF 3980 billion in 2016, the value of card purchases first exceeded the HUF 5000 billion last year. However, the share of electronic payments is still only 25 percent, so there is still room for improvement, he said.

Everyone is doing well

According to Mihaly Varga, the digitization of the payment system has a significant competitive effect because the solutions to saving money make financial transactions faster, safer, cheaper and more convenient. Today, cash positions in the economy are more than HUF 5 billion, more than 14% of GDP, while the EU average is around 8%. Cash production, storage, transport and daily processing costs hundreds of billion forint to Hungarian society every year.

To increase financial awareness and encourage the use of modern electronic payment solutions instead of cash, everyone has a common interest, said the minister. As a result, a cash-saving pilot program will be launched on a pilot basis, with some high school payments being digitized, for example in the ATMs at POS terminals.

One of the regulatory objectives is to bring electronic solutions to the fore in payments to the state, public service providers and public payments. According to Varga, they only think of positive stimuli – emphasized Michael Varga.

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