Hungary Cards and Payments - Opportunities and Risks to 2024

Hungary Cards and Payments - Opportunities and Risks to 2024

  • June 2021 •
  • 59 pages •
  • Report ID: 5930695 •
  • Format: PDF
Hungary Cards and Payments - Opportunities and Risks to 2024

Summary
’Hungary Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Hungarian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into the Hungarian cards and payments industry, including -
- Current and forecast values for each market in the Hungarian cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including credit transfers, direct debits, cash, and cards. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Hungarian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope
- The Hungarian instant payment service was launched by the central bank in March 2020. Hungarian financial services provider GIRO Zrt implemented the platform in partnership with Nets A/S. The system can process credit transfers and other payments within a maximum of five seconds on a 24-hours-a-day, seven-days-a-week, 365-days-a-year basis, allowing users to initiate payments of up to HUF10m ($33,720.75) depending on certain conditions. In addition to a bank account number, transfers can also be initiated using the recipients’ mobile number, email address, or tax identification number. The service is mandatory for banks in Hungary, and all the domestic fund transfers under HUF10m are automatically processed via the instant payment system.
- The Hungarian government is taking various initiatives to further drive electronic payments in the country. Effective from January 1, 2021, the government has mandated that all retailers using online cash registers must compulsorily offer electronic payment means, such as credit or debit cards, or mobile wallet solutions, to their customers.
- To benefit from the growing preference for alternative payments, banks and payment service providers are launching new payment solutions. In May 2019, digital payment solution Apple Pay launched in Hungary. The solution enables users to make in-store, online, and in-app payments. Users can store their debit, credit, and store card details within Apple Pay and use them to make payments. Most recently, in November 2020, Google Pay was launched in Hungary. The solution enables users to make in-app, in-store, and online payments using stored payment card details. The solution is now supported by various issuers in Hungary including Curve, Monese, Revolut, and K&H Bank.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Hungarian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Hungarian cards and payments industry.
- Assess the competitive dynamics in the Hungarian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Hungary.
- Gain insights into key regulations governing the Hungarian cards and payments industry.
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