Hungary Cards and Payments – Opportunities and Risks to 2026

Pages: 61 Published: July 29, 2022 Report Code: GDFS0616CI

GlobalData’s 'Hungary Cards and Payments – Opportunities and Risks to 2026' 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, mobile wallets, and direct debits during the review-period (2018-22e).

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 (2022e-26f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s 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.

The 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 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.

Scope

– Hungary’s instant payment service Azonnali fizetési rendszer (AFR) was launched by the central bank on March 2, 2020. The scheme is operated by the country’s clearing house, GIRO Zrt. The solution is aligned with European SCT Inst standards. It allows users to make instant transfers of up to HUF10 million ($30,827.68) 24 hours a day, seven days a week, 365 days a year. AFR supports peer-to-peer, consumer-to-business, and business-to-business payments directly between accounts via different channels such as online and mobile banking. In addition to a bank account number, transfers can also be initiated using the recipient's mobile phone number, email address, or tax identification number.

– Magyar Nemzeti Bank (MNB) (the country’s central bank) approved the proposal for Budapest Bank, MKB Bank, and Takarekbank to consolidate into a single entity called Magyar Bank Group as part of an agreement signed in December 2021. As a result, Budapest Bank merged with MKB Bank, operating under the name MKB Bank effective from March 31, 2022. Takarekbank is yet to be merged with this entity; the merger is expected to conclude by May 2023. This will create the second-largest banking group in Hungary.

– The Hungarian government is taking various steps to boost electronic payments in the country. Effective from January 1, 2021, the government mandated that all retailers using online cash registers must offer electronic payment options such as credit cards, debit cards, or mobile wallets to their customers.

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.

Key Players

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

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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