Growing transactions: electronic payments gained new momentum in the second quarter of 2024

By: Trademagazin Date: 2024. 08. 27. 12:04

After the seasonal decline experienced in the first quarter of the year, the turnover of POS terminals and the number of completed transactions started to increase again in the second quarter of 2024, according to the latest data from OTP Bank. In an annual comparison, the turnover increased by 6.6%, while the number of transactions increased by 9.5% compared to the same period of the previous year. Although the growth is somewhat below the level experienced in the similar period of previous years, this can be attributed primarily to the cautious spending of the population, despite the fact that real wages have risen dynamically.

The mobile POS solution is spreading dynamically

The popularity of the SimplePay Telephone POS solution continues to grow rapidly. The number of acceptance points, where merchants use their mobile phones as terminals, increased by 23%, while the number of transactions carried out in this way increased by 250% and the turnover by almost 170% compared to the data of a year earlier. At the same time, the number of businesses using a traditional POS terminal also increased by 11.5%.

Noémi Hideg, head of OTP Bank Card Acceptance Services and ATM management, told the Pénzcentrum that seasonal restaurants, beaches and the start of tourism played a significant role in the increase in the turnover of electronic payments. The faster increase in the number of transactions compared to the turnover indicates that more and more people are using their bank cards for smaller purchases, which is a sign of the decreasing use of cash.