Hungary Cards and Payments – Opportunities and Risks to 2027

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Hungary Cards and Payments Market Report Overview

The Hungary cards and payments market is valued at $49.6 billion in 2023. The market is expected to achieve a CAGR of more than 14% during 2023-2027. The Hungarian government and the central bank are promoting electronic payments, leading to a gradual rise in payment card acceptance. Hence, Hungarians are gradually shifting towards electronic payments and substituting cash for debit cards. This highlights consumers’ desire to avoid debt. As a result, the credit and charge card market is still at the developmental phase. The emergence of digital-only banks, the gradual adoption of contactless payments, the emergence of alternative payment solutions, and growth in the e-commerce space will boost the Hungarian payment card market going forward.

Hungary Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Hungary Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Hungary Cards and Payments market research report provides a 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, mobile wallets, and direct debits during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report provides information on the payment instruments that are in use in the Hungarian market, the key segments within the market, as well as the companies associated with the Hungary cards and payments market.

Market Size (2023) $49.6 billion
CAGR (2023-2027) >14%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cash

·       Cards

·       Mobile Wallets

·       Credit Transfers

·       Direct Debits

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       Alternative Payments

Leading Players ·       Magyar Nemzeti Bank

·       OTP Bank

·       Erste Bank

·       KBC Bank

·       Budapest Bank

·       BNP Paribas Bank

·       Visa

·       Mastercard

·       PayPal

·       Apple Pay

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Hungary Cards and Payments Market Dynamics

Since increasing banking penetration and the combined efforts of banks and government bodies to promote electronic payments and financial inclusion have driven the uptake of debit cards, they are the preferred payment card in Hungary. The rise is also in line with the EU’s regulations relating to citizens’ right to a basic bank account, which requires banks to offer features including debit cards, cash withdrawals, and fund transfers. Moreover, the e-commerce market in Hungary is showing growth mainly due to rising internet and smartphone penetration, coupled with increasing consumer confidence in online shopping.

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Hungary Cards and Payments Market Segmentation by Payment Instruments

In 2023, cash is still the preferred method for transactions.

The key payment instruments in the Hungary cards and payments market are cash, cards, mobile wallets, credit transfers, and direct debits. Cash is steadily losing ground to card payments as the preferred payment method. The rising banked population, installations of POS terminals, growing adoption of contactless cards, and government efforts to boost financial inclusion have contributed to growth in the payment card market.

Hungary Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Hungary Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Hungary Cards and Payments Market Segments

The credit card market in Hungary is yet to gain traction as Hungarian consumers are primarily debt-averse in nature.

The key segments in the Hungary cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-based Payments: The frequency of usage in payment cards increased due to growth in banking penetration, increasing financial awareness among consumers, and efforts by banks to promote electronic payments. This trend is set to continue over 2023-2027. The emergence of digital-only banks and the availability of contactless cards will further support the payment card market going forward.

Payment Cards Market Analysis by Segments, 2023 (%)

Payment Cards Market Analysis by Segments, 2023 (%)

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Hungary Cards and Payments Market - Competitive Landscape

Some of the leading players in the Hungary cards and payments market are:

  • Magyar Nemzeti Bank
  • OTP Bank
  • Erste Bank
  • KBC Bank
  • Budapest Bank
  • BNP Paribas Bank
  • Visa
  • Mastercard
  • PayPal
  • Apple Pay

Hungary Cards and Payments Market Analysis by Players, 2023

Hungary Cards and Payments Market Analysis by Players, 2023

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Hungary Cards and Payments Market – Latest Developments

  • To combat inflation, the central bank has increased its base interest rate. With elevated inflation and interest rates squeezing consumer purchasing power, the credit and charge card market will be negatively affected.
  • The Budapest Bank, MKB Bank, and Takarekbank merged in April 2023, with the new entity operating as MBH Bank thereafter. MHB Bank offers a wide range of debit cards for both retail and corporate customers.

Segments Covered in the Report

Hungary Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Cards
  • Mobile Wallet
  • Credit Transfers
  • Direct Debits

Hungary Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

Scope

This report provides:

  • Top-level market analysis, information, and insights into Hungary’s cards and payments industry
  • 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 cash, cards, credit transfers, mobile wallets, and direct debits. 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.

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.

Magyar Nemzeti Bank
OTP Bank
Erste Bank
KBC Bank
Budapest Bank
BNP Paribas Bank
Visa
Mastercard
PayPal
Apple Pay
Masterpass
Google Pay
paysafecard

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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