What you need to know about instant payment

On 1 July 2019 the instant payment system will be launched in Hungary, by using which recipients get the money after bank transfers in 5 seconds on any day of the week. After this date online retailers can offer the ‘instant payment’ option – at the moment ‘pay with bank transfer’ is used. Today customers must provide all kinds of different data in their internet bank when using this service, but after 1 July 2019 this won’t be necessary.

Retailers will be able to compile the ‘data package’ instead of the customer the following ways:

1. Bank transfer started by taking a photo of a QR code – using a QR code generator programme, the retailer puts all the data needed for the bank transfer in a QR code, and with the help of a smartphone app the customer takes a photo of this QR code to provide all the data for the bank transfer.

2. Instant payment started by a payment request (money transfer) – if the customer doesn’t have the smartphone app mentioned above, they can decide to use this form of payment. All they need to do is give their mobile phone number to the retailer, who will send all the data needed for the bank transfer to the bank account to which the phone number belongs. The customer can check everything via their internet bank and the money transfer is made if they approve. //