We already prefer to pay a few hundred forints digitally

Month after month, more and more people are using digital payment methods, more and more often and in ever-increasing amounts. The latest data from the Hungarian National Bank[1] shows that the value of card payments increased by 14 percent by the end of last year compared to the previous year, while the number of cash withdrawals decreased by 4 percent.

In practice, this also means that many people, for example, pay for pastries bought for breakfast with a bank card and not with paper money taken out of their wallets. A fifth of people are reluctant to pay with cash for amounts under 1,000 forints, but prefer electronic payments, according to a representative survey commissioned by OTP Mobil[2].

Nearly two-thirds of those surveyed clearly voted for electronic payments, whether it be a physical bank card, mobile wallet or one of the qvik (transfer-based) solutions. The main argument against cash is convenience.

Two-thirds of those surveyed say that they can only pay with cash in a store at least once a month. 40 percent of them responded by leaving the selected product behind, 45 percent had enough cash to pay for it, and 10 percent went back to pay later.

“The use of cash is increasingly being replaced by fintech solutions that are more convenient and cheaper for both customers and merchants. One example is qvik (transfer-based), which was first introduced by OTP Mobil, through which hundreds of thousands of payments have already been initiated. I believe that such innovative payment options will also help our merchant partners to stabilize their business and expand their customer base,” said Dr. Gáber Seif Al-Absi, Deputy CEO of OTP Mobil.
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