Visa launches new program to support the digitalization of Hungarian businesses

Hungarian e-commerce has expanded dynamically in recent years: between 2018 and 2023, it grew by an average of 25% per year, its total value reaching eight billion euros, which corresponds to 4.1% of GDP. In parallel, payment habits have also changed: consumer preference has shifted decisively towards digital – while in 2020, 48% of Hungarians preferred electronic payments, by the end of 2024, 69% of them already preferred electronic payments.

Expectations regarding the payment experience have also changed: security and convenience have come to the fore. According to a recent survey by Visa, eight out of ten Hungarians consider security to be the most important payment feature. A seamless payment experience is also now an expectation in Hungary: 44% of consumers are very likely to abandon an online purchase if the process takes too long, and 91% consider it important to have their preferred payment method available.

Despite the expansion of the online acceptance network, many smaller businesses are still unable to take advantage of the benefits of e-commerce and digital payments – thus missing out on reaching new customers and markets, as well as the opportunity to expand internationally.

“The spread of digital payment solutions not only brings convenience and security to consumers, but also tangible economic benefits: it increases transparency, contributes to higher tax revenues, reduces the costs of cash handling, and helps to reduce the informal economy. By introducing card payments, micro and small businesses can more easily reach new markets – younger generations who prefer digital solutions from generations to customers living further afield, even abroad”

– said Zoltán Ács, Deputy CEO of MKIK Capital Fund Management.

“We see around the world that where small businesses offer reliable digital payment options, they are able to grow faster and more scalable, and significantly contribute to the recovery of the country’s economy. Since 2018, Visa has helped local merchants reach more customers and provide a better payment experience with a number of acceptance expansion and digitalization programs across Europe. This is also the goal of the Digital Payments Program in Hungary: to make online card acceptance simple and accessible so that all businesses can benefit from the benefits of the digital economy”

– said Bence Sármay, Head of Visa Hungary.

“Hungarian SMEs have significant potential in online sales, but with daily challenges, there is little time for digitalization developments. We help make this easier, so entrepreneurs can focus on what they do best. In addition to online payment services, our comprehensive e-commerce support package offers consulting, discounted services and ongoing assistance – practical support for merchants who have not yet entered the world of online sales and card payments,” added Bence Sármay.

The Visa Digital Payments Program is part of a broader Visa initiative to accelerate the digitalization of SMEs, which is already successfully operating in seven other countries in the Central and Eastern European region.