Payments Landscape in Hungary: Opportunities, Insights and Risks to 2021

Market Research HUB Market Research HUB

Albany, US, 2018-May-10 — /EPR Network/ — Market Research HUB has added a new report titled “Payments Landscape in Hungary: Opportunities and Risks to 2021“, to its wide database of market research report. The 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, payment cards, credit transfers, and direct debit during the review-period (2013-17e).

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 (2017-21f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together 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.

This 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 credit transfers, direct debit, payment cards, and cash. 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

– To further accelerate the provision of basic financial services to under-banked consumers, the Hungarian government in compliance with an EU directive made in September 2016 directed banks to compulsorily offer basic bank accounts. The government decree outlines the services available to account holders and caps the monthly fee at 1.5% of the minimum wage, or HUF1,575 ($6.05). Additionally, in October 2016 the government launched a new account-switching service to make switching current accounts faster and easier. Currently all major banks including OTP Bank, Budapest Bank, and KBC Bank (K&H Bank in Hungary) offer basic bank accounts.

– Hungary took its first step towards instant payments in December 2016, when the MNBs Financial Stability Board approved the operational model for an instant payment service. Following the approval, GIRO Zrt, a company wholly owned by the MNB, was assigned the task of developing the central infrastructure for an instant payment system. Due to be ready by mid-2019, the system will process credit transfers and other payment solutions within a maximum of five seconds on a 24/7/365 basis.
– To develop a strong payment infrastructure and encourage card-based payments, the Hungarian government launched a POS installation program in December 2016. The program was developed by the Ministry for National Economy, with HUF2.4tn ($9.2bn) being allocated towards its implementation. As part of the program, the government is offering merchants HUF80,000 ($307.42) per terminal for the procurement and installation of new POS terminals on the agreement that they operate them for at least two years.

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.

About Market Research Hub

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