Digital wallets are also gaining ground in the online space: a quarter of Barion’s forint transactions already go through them

By: Trademagazin Date: 2024. 11. 26. 10:22

The use of digital wallets has exploded this year. At the beginning of 2024, only 10% of forint transactions on the Hungarian online payment solutions platform Barion were made using Apple Pay, Google Pay or Barion Wallet, but by the end of October, 25% were made using Apple Pay, Google Pay or Barion Wallet. The frequency of use of Apple Pay increased by more than 50% compared to January, and the number of payments initiated via Google Pay increased by 400% by the end of October. The popularity of Barion Wallet is also unbroken: the number of purchases is increasing by several thousand transactions per month, and its user traffic has increased by nearly 10% since the beginning of the year.

The advancement of digital financial solutions

Apple Pay and Google Pay payment options have been available on the Barion platform since December 2021. The popularity of digital wallets grew slowly but steadily in the first few years, and by the beginning of this year they reached 10% of all transactions. However, payment habits are changing. As users gain experience and become accustomed to these options, they increasingly trust online payment solutions, which can be much more convenient than paying with a bank card in many cases. The use of electronic wallets has already increased dramatically in the first ten months of this year. 25% of all forint transactions on the Hungarian company’s payment platform are initiated via digital wallets, which is a 15% increase compared to the previous year.

Meanwhile, the proportion of bank card payments is showing a decreasing trend: nearly 10% fewer transactions in forint were initiated in this form.

Fast payment options are easily accessible

Barion, which achieved sales of 6.8 million euros last year, is on a mission to contribute to creating a cashless future with innovative solutions. The growing popularity of digital wallets is also being fueled by the company’s recent efforts to make the payment process even easier with new security features and simplified navigation. The Google Pay and Apple Pay buttons have been moved forward on the Barion Smart Gateway interface, making these payment options easier and faster to access. This innovation, along with the payment interface that is also available in dark mode, is especially beneficial for mobile purchases.