The country’s card payments market registered robust growth even during the pandemic
Hungary’s card payments market, which has registered sustained growth for the past few years, is set to increase by 13.3% in 2021, according to GlobalData.
As cashless payments have increased in popularity due to COVID-19, payment cards have been the beneficiary. The pandemic has made online purchasing more appealing as it allows consumers to avoid close social contact and helps to prevent the spread of the virus and this has driven the use of payment cards online. As per MNB, the volume and value of online card purchases (including domestic and cross-border) increased by 43% and 50% respectively in Q2 2020, compared to Q2 2019.
Besides, when shopping in-store, consumers have shifted from cash payments to digital payments, particularly contactless cards. To support this, in March 2020, the Hungarian Government raised the contactless payment limit without the use of a PIN in the country from HUF5,000 ($16.86) to HUF15,000 ($50.58) to make it easier for consumers to make payments without coming into close contact with POS terminals.
We’ve reported that PayPal brings PayPal Zettle to the US.