Young people are also using more and more smart devices to pay

By: Trademagazin Date: 2024. 09. 04. 08:17

Albeit slowly, the popularity of cash among young people is decreasing, according to the latest K&H youth index. 58 percent of them are already trying to complete their shopping transactions digitally. Payments with smart devices are playing an increasingly important role, the QR code solution still plays a marginal role, but there may be changes in this area as well.

Young Hungarians continue to pay in parallel with cash and electronic methods in stores – it was revealed from the K&H youth index survey, which examined the electronic payment behavior of 19-29 year olds. 42 percent prefer cash and 58 percent prefer electronic payment. The proportions are gradually shifting towards the latter: in 2022, this proportion was still 49-51 percent, while in 2023 it will already be 47-53 percent. Although the differences did not exceed the statistical margin of error of the change, the tendency of the reduction of cash is noticeable, only 15 percent of the young people surveyed pay exclusively in cash.

Payments with QR codes can be connected

Electronic payment methods are more popular than average in Budapest, with a usage rate of 68 percent compared to the national average of 58 percent. The fact that there are proportionally more acceptance places in the capital can also play a role in this. The proportion of those who pay electronically whenever possible is 23 percent. The latter is truer than the average for women, as in their case the result was 29 percent. Besides them, this is also true for the residents of the capital and the graduates: for the former, the indicator is 34 percent, and for the latter, 33 percent.