The number of bank card payments is soaring, the use of cash is decreasing in Hungary

By: Trademagazin Date: 2024. 09. 19. 11:21

In the past year, the number of merchants accepting bank card payments increased significantly in Hungary, while the proportion of cash withdrawals continued to decrease, according to recent data from the Magyar Nemzeti Bank (MNB). According to statistics for the second quarter of 2024, the number of bank card payment transactions increased by 10.7% compared to the same period of the previous year, while the value of transactions increased by 10%.

The rise of digital payment methods is clearly indicated by the fact that more and more bank cards are “moving” into mobile phones. In the second quarter of 2024, the number of cards registered on mobile phones increased by 27.5%, and the number of transactions made with mobile wallets increased by 32% and their value increased by 36% compared to the previous year.

Cash withdrawals are still declining: they show a 3.5% year-on-year decrease. The increase in demand for electronic payment options can be observed not only in physical stores, but also in online commerce, where the number of acceptance points increased by 21.5%.

According to OTP Bank data, the number of the bank’s own POS terminals increased by 11.5% above the national average in the second quarter of this year, while the number of businesses using SimplePay Telephone POS increased by 23%. This also clearly shows that in Hungary, electronic payments are becoming increasingly prominent, while the use of cash is gradually declining.