Magazine: PayTechShow: Payment in just a second

The PayTechShow was organised for the first time in October, and its objective was to discuss the future of electronic payment services. Participants worked in three sections, there were nearly 50 speakers, and 15 new payment solutions and 5 workshops were waiting for service providers, retailers and payment terminal operators.

Lajos Bartha
managing director
Central Bank of Hungary (MNB)

Lajos Bartha, managing director of the Central Bank of Hungary (MNB) was the keynote speaker. His topic was the vision of a cashless society and economy in Hungary. In his view there is a good chance for electronic payment’s share reaching 45-50 percent by 2030. Since the growth rate of card payment transactions dropped in the last few years, instant payment can be a good tool for achieving this goal, but innovative services are required for this. Mr Bartha also talked about PSD2 that entered into force on 14 September.

Sándor Nagy
president
Ecommerce Hungary

Ecommerce Hungary president Sándor Nagy was the moderator of work in the retail section. He said that fintech had definitely conquered the hearts of retailers and consumers in online shopping. He predicts that this segment will witness more changes in the next 1-2 years than it did in the last 20 years.

Éva Hegedűs
president-CEO
Gránit Bank

Éva Hegedűs, president-CEO of Gránit Bank analysed the Hungarian experiences about ApplePay and mobile payment. She thinks that not the strongest banks will survive, but those that can adapt the best. While in 2018 only 18 percent of consumers used at least one fintech service provider for sending money or paying online, by 2019 this proportion jumped to 75 percent.

Fruzsina Donáth
senior consultant
SmartCommerce
Consulting

Fruzsina Donáth, senior consultant of SmartCommerce Consulting expressed her opinion that cashless payment can gain ground if shoppers get some kind of experience out of it, and if they can choose from more kinds of simple, fast and safe payment. A roundtable discussion followed in the programme, where Géza Palocsay, managing director of Adevinta told: Education work is a priority in popularising electronic payment among consumers and retailers. József Szigetvári, CEO of Szállás.hu said: In two years’ time 100 percent of travels will be paid for in a digital channel. Lajos Szabó, country manager of Worldline SIX Payment Services Hungary opined that there are excellent fintech services available in Hungary already, but he also thinks that retailers know much less about this technology than they should.

Dr. Zsolt Selmeczi- Kovács
CEO, GIRO

Dr Zsolt Selmeczi-Kovács, CEO of GIRO Zrt. introduced the segments and ongoing project of instant payment. He reckons that instant payment must start with 100-percent coverage in Hungary. Independent expert and senior consultant Erika Schalkhammer gave a presentation about those effects of instant payment that go beyond sectors and make an impact on the whole of the economy.

Monika Németh
head of
Instant Payment
Competence Centre

Monika Németh, head of the Instant Payment Competence Centre forecasted that parcel delivery companies can play a key role in the changes. Her view is that more and more new players have growing importance in the payment chain. As for fintech solutions and complying with the new regulations, Hungarian financial institutions have been working under constant pressure in the last few years. Apple Pay’s appearance has increased the competition further. //