Magazine: Stronger competition and a level playing field in the e-payment market

In the summer of 2019 a study by the Hungarian Competition Authority (GVH) found that the costs of bank card payment are too high for small-turnover retailers – so high that they are better off not offering this service at all.

In the light of this it is very important that GVH has recently said: the amended Trade Act – published on 14 July 2020 and entering into force on 1 January 2021 – doesn’t make the introduction of bank card payment mandatory for retailers, it obliges them to introduce ‘electronic payment’. This step creates a level playing field for bank card and other electronic payment service providers (e.g. the instant payment solutions launched in March).

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