More and more customers pay in the store with a credit card

By: Trademagazin Date: 2023. 10. 02. 12:30

In the second quarter of 2023, despite the fact that consumption decreased, we observed interesting trends in credit card purchases in the domestic retail sector. Based on the MNB’s data, it appears that the number and value of purchases made with credit cards has increased, which partly contradicts the general consumption trend.

According to the data, a total of 9,963,567 domestically issued payment cards were in circulation at the end of the second quarter of 2023, of which 1,109,431 were credit cards. This shows that people still need credit cards to manage their everyday finances. The vast majority of credit cards are used by retail customers, which means that people need these tools to manage their daily purchases, expenses, and more.

It is interesting that the value of credit card purchases also increased in the second quarter. While the total value of purchases decreased in the previous quarter, it now increased by 10.1%, reaching HUF 297,559 million. This suggests that people not only used their credit cards more often, but also made higher value purchases with them.

The data also show that most credit card transactions took place in the retail sector. 90% of purchases were made at physical retailers, while internet purchases, mail and phone orders accounted for only 10%. This shows that people still prefer traditional store shopping, but online shopping is also showing a growing trend.