Indicator - Economy - Five times what was paid by card ten years ago

Indicator – Economy – Five times what was paid by card ten years ago

Lagos Partha also said that The number of operating POS terminals tripled during the period under review. In addition, it is also kHe noted that the number of online admission points doubled fifteen-fold to 30,000 last year compared to 2012, while the number of cash withdrawals decreased by a third during the same period.

Giro Zrt has been acquired by MNB. , made regulatory decisions on daily clearing and instant payments, coordinated a number of other projects, and the Managing Director listed their steps for e-finance development.

According to a report by MTI, Lajos Bartha noted that while card traffic has grown nearly 20 percent annually over the past 10 years, it was only in the last year that remittances were made due to the introduction of instant pay; Already in 2021, a similar growth rate of remittances was observed.

In the past year, the pre-pandemic trend in card traffic has returned, cash withdrawals have increased in value as people actually return to stores, and overseas transactions have increased dramatically as travel restrictions are lifted, Partha noted. He added that 70 percent of bill payments were made electronically in 2021.

They are trying to extort money from customers in increasingly deceptive ways

Referring to the payments and securities infrastructure, he said, the availability of the systems was not due, there was no longer any downtime, and remote operation due to the pandemic was smoothly resolved. Partha said the misconduct rate for both wire transfers and cards was very low at 0.003 percent of total trading volume, but noted that in both cases, fraudsters were trying to use increasingly sophisticated tactics to focus on misleading customers.

In order to further protect its customers, MNB plans to issue a recommendation to financial institutions, along with Giro they will examine the introduction of a central fraud prevention system, and launch an educational campaign, BTI quoted MTI as saying. The central bank aims to increase the ratio of electronic payments to cash payments above 50 percent by 2030; That number was about 8 percent in 2010 and rose to 30 percent last year.

Partha said that the bank sees instant payment as a driver for further development in the future, and innovative solutions, such as wallets, are expected to expand, adding that the development of the instant payment system will continue with the introduction of additional services. The Director General concluded that they are working on regulatory changes, it is likely that reading QR codes will be mandatory for all mobile applications in Hungary, and it will be necessary to be able to accept a payment request sometime next year.

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