The MNB calls on the participants of the financial system to raise the threshold for credit card payments

The National Bank of Hungary (MNB) calls on banks and card companies to raise the 5,000-HUF limit for the mandatory use of touch-code card payments to 15,000 forints in order to reduce the number of physical connections – the central bank announced on Friday.

According to the MNB, it is estimated that nearly 90 percent of purchases, or a total of approximately 670 million transactions, could be included when the transaction is completed without the customer’s handling of the POS terminal. The Central Bank recommends that the Government amend the relevant legislation to ensure that it becomes applicable as soon as possible. They also pointed out that, due to the slowing down of the coronavirus, several measures have already been taken to minimize physical contact between people. These steps can be effectively supported from the cash side by the increased use of electronic payment solutions. To this end, it is appropriate to improve the conditions for using credit cards.