Cash is dying in Hungary: Electronic payments on the rise

The number of electronic payments in Hungary climbed over 2.5 billion in 2024 to account for 42pc of all domestic transactions, an annual report released by the National Bank of Hungary (NBH) on Thursday shows.

The number of electronic payments rose by over 200 million from a year earlier. The rate of electronic payments among total transactions climbed from 38pc in 2023. Most transactions were made using bank cards, of which there are close to 10 million in use and 7.4 million in active use. The NBH aims to boost the rate of electronic payments to 67pc by 2030, Lajos Bartha, a managing director at the central bank, said, presenting the report.

The number of transactions made using Hungary’s instant payment system increased 12pc to 225 million in 2024. The number of online transactions using bank cards rose 16pc to 367 million. The number of transactions made using qvik, a solution that uses a QR code to make instant payments, climbed over 1 million. Qvik transactions were made free of charge for retail banking clients in the autumn of 2024.

The number of withdrawals from ATMs declined 4pc to 87 million. The ratio of Hungarians over 60 with bank accounts rose 4pp to 78pc.

Banks’ revenue from payment services climbed almost 15pc to HUF 969bn, Bartha said, adding that payment costs, both for retail and corporate clients, were high in international comparison.

The number of Hungarians who use payment services offered by foreign companies climbed 24pc to 1.6 million in 2024. The number of cards issued by those service providers to local residents increased 21pc to 2.1 million. Hungarian clients made purchases of more than HUF 1,500bn with cards issued by foreign fintech companies.

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