Payment Card Year Books

Hungary Statistical Report 2024

Name: Hungary Statistical Report 2024
Brand: Payment Card Year Books
Price: 270.00 GBP
Availability: InStock

£270.00

Product variants

Quantity

INTRODUCTION

Hungary is a unitary democratic parliamentary republic and joined the European Union in 2004. Due to economic difficulties following the 2008 global economic crash, Hungary had to request €9 billion in help from the International Monetary Fund in 2009. Since then, however, the economy has gradually recovered.

Although Hungary is traditionally a cash-dominated society, payment cards are gaining popularity at the expense of cash. An increasingly banked population, improvement in POS infrastructure, growing adoption of contactless cards, and government efforts to boost financial inclusion are all driving growth in payment card usage.

During 2022, the continuing digitisation of payment and banking services was accelerated by the COVID-19 pandemic, with strong growth registered in the number of accounts accessible online, contactless cards issued in Hungary, and cards registered in mobile wallet applications. The launch of the instant payment service in March 2020 is the most notable payment market development, revolutionising the usage of electronically initiated credit transfers, and showing rapid uptake over 2022, with instant payments already accounting for nearly 42% of all domestic credit transfer transactions.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Hungary. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts.

In the last decade, Hungarian consumers have embraced mobile devices such as tablets, smartphones, and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device.

In addition, new consumer demands are a game changer. Hungarian consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Hungary is driven by minimal cost, secure payments and a high level of user convenience.

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.