K&H: another boom in cashless payments

By: Trademagazin Date: 2023. 07. 06. 11:09

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Payments with smart devices are still on the rise. In the first five months of the year, more than 18 million transactions took place, 75 percent more than a year earlier. At the same time, the turnover associated with smart device payments increased by 93 percent to more than HUF 128 billion. The number of Apple Pay payments increased by 72 percent, and in the case of Google Pay, the increase was 80 percent.

The rise of electronic payments continues, based on the number of bank card payments, and within this data on smart device transactions, K&H announced.

In the first five months of this year, the financial institution’s retail customers made a total of more than 18 million transactions using the Apple Pay, Google Pay, Xiaomi Pay and Garmin Pay applications, which is 75 percent higher than the previous year. The turnover related to purchases increased by 93 percent to more than HUF 128 billion.

“There is a steady increase in smart device payments. The so-called base data, i.e. the relatively low numbers from a year earlier, also play an important role in the strong dynamics, but the organic development is also very visible. Prioritizing the development of digital solutions, K&H has been and will continue to do everything to further expand electronic payment traffic. This is why the financial institution supports the Hungarian central bank’s new payment strategy, which among other things aims to promote digital finance”

– said András Árva, K&H’s marketing manager responsible for the residential segment. He added: “In addition to the development of digital solutions, it is still important that customers can choose from different payment alternatives, so they have the option to pay in cash.”