Mastercard’s instant payment service is ready to take off

At the end of August Mastercard announced the Hungarian launch of its Pay by Account service. As of 1 January 2021 a law that has been passed recently makes it obligatory for retailers operating online cash registers to offer an electronic payment option to customers. With Mastercard Pay by Account shoppers can use their smartphone to make payments, e.g. in a contactless way at POS terminals in stores – in this service it isn’t the customer’s bank card that participates in the transaction, but their bank account. //