The number of purchases made using smart devices has increased one and a half times in a year

Another massive increase is visible in smartphone payments, which is a clear sign that people are receptive to digital solutions – announced K&H, which examined the development of smartphone payments based on its own data.

Double-digit growth

In the first quarter of this year, the financial institution’s customers used their smart devices to make payments nearly 18 million times, a 19 percent increase year-on-year. The turnover related to smart device payments grew even more strongly: this year’s amount of nearly 175 billion forints exceeds the value for the first quarter of last year by 52 percent.

Commenting on the data, Zoltán Rammacher, Marketing Manager of the K&H Retail Customer Segment, said that the significant difference between the number and amount of transactions can be partly explained by the increase in prices and the fact that the affected parties purchased higher-value products and services. This is also shown by the fact that the average amount per smart device transaction also increased: this year it exceeded 9,700 forints, compared to over 7,600 forints a year earlier. The average transaction value therefore increased by 27 percent.

“The data clearly shows that people consider smart device payments to be safe and convenient,” the expert added.

Which one is it?

The financial institution offers four types of smart device payments, of which Apple Pay is the most popular. This year, this solution accounted for more than 62 percent of all smart device transactions and 67 percent of total turnover. Google Pay is next, with a 37 percent share in terms of the number of payments and over 32 percent in terms of the amount spent.

In comparison, the other two alternatives, Garmin Pay and Xiaomi Pay, have a modest share, accounting for less than 1 percent in terms of both transactions and turnover.