The digitalisation of the financial sector can significantly reduce cash use

The digitization of the financial sector can significantly reduce the use of cash. In Hungary, cash in circulation is 15 percent of the GDP and the cost of cash is 400-450 billion forints annually – the Deputy Minister of State of the Ministry of Finance said on Wednesday at the Tech Show.

Balogh László emphasized that the average amount of cash in circulation in the European Union’s member states is 8 percent of the GDP. With the digitalisation of the financial sphere, at least half of the spending on cash use could be saved, he said. (MTI)