Smartphone payments turnover increased by 180 percent in two years

The spectacular expansion in mobile payments continues. In terms of both the amount of turnover and the number of transactions, K&H announced, presenting its latest data. “The development has been unbroken for years, which is understandable, since more and more places can be paid cashlessly with smart devices, safely and conveniently,” said Zoltán Rammacher, Marketing Manager of the K&H Retail Customer Segment. In the first ten months of the year, the financial institution’s retail customers spent more than 469 billion forints using the Google Pay, Apple Pay, Garmin Pay and Xiaomi Pay applications. This corresponds to a 58 percent increase compared to the 297 billion forints for the same period of the previous year. In a two-year comparison, there was a 180 percent expansion. From the beginning of January to the end of October this year, K&Hs processed nearly 59 million transactions through the four mobile payment solutions, which corresponds to an annual increase of 40 percent and a 130 percent increase compared to the same period in 2022.

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According to the K&H summary, Apple Pay payments are dominant: in the ten months of this year, the turnover associated with them approached 310 billion forints, which corresponds to an annual increase of 60 percent, and an increase of 179 percent compared to 2022.

In the case of Google Pay, this year’s turnover amounted to almost 157 billion forints, which represents an increase of 55 and 182 percent compared to the figures for 2023 and 2022.

Of the other two smart device solutions, Garmin Pay’s total of 2.3 billion payments this year is 30 percent higher than a year ago and 118 percent higher than two years earlier. At Xiaomi Pay, turnover amounted to 513 million forints this year, 33 percent more than a year earlier, while it exceeds the level of the year before by 245 percent.