Mobile payment with QR code can be the key to fewer cash payments

Monika Németh
managing director
FinTech Group Kft.
and Azonnali Fizetés
Szolgáltató Centrum

In the instant payment system mobile payment with QR code has become popular in those countries where the market regulator and market players developed an open-source standard, or where banks with a large number of customers and service providers have teamed up to come out with their own solution. How can the standard developed by the Central Bank of Hungary (MBN) be of help? We have collected a few tips for what QR code payment can be good for.

MNB’s expectation is to have only compatible digital payment solutions in the instant payment system, which can be used by competitors without extra costs. MNB’s QR code recommendation can help in having such a system, by defining the most important technological parameters. In addition to the mandatory elements for transactions, the QR code contains features that simplify the payment procedure.

1. Identifying the paying party or the recipient. 2. Paying bills and making it easier to search for bills already paid. 3. Efficiency increases in retail trade, as sales turnover becomes more precisely analysable. 4. Loyalty programmes are likely to be given a new impetus. The regulatory authority has created the framework for utilising the new opportunities, now it is the task of service providers and retailers to form their own business strategies and solutions. A team of experts from MNB, GIRO Zrt. and the Instant Payment Services Centre teams are at their service! //