Over the last decade, the Hungarian payments market has gone through a major development, and the use of electronic payment methods is constantly growing. The Central Bank of Hungary (MNB) actively contributed to the favourable processes in line with MNB’s payment strategy. MNB defined two main goals for the payments market: on one hand to provide an electronic payment option in all payment situations, on the other hand to promote the use of these cashless payment methods.
In order to reach these goals, MNB stepped up as coordinator and regulator, and also actively used the advantages coming from the sole ownership of the market’s central participant, the GIRO clearinghouse.
Like in most countries, cash transactions constitute the majority of retail payments in Hungary; however, MNB’s data and analyses indicate that in the major fields, the gap between the European Union average and Hungary is disappearing.
The MNB defined indicators for three key areas of the payments market signal steady improvements in recent years (Table 1, below).
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