Summary

GlobalData’s 'Hungary Cards and Payments: Opportunities and Risks to 2023' 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, and direct debits during the review-period (2015-19e).

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 (2019e-23f). 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.

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 debits, cash, and cards. 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

- The Hungarian instant payment service was launched by the central bank in March 2020. Hungarian financial services provider GIRO Zrt implemented the platform in partnership with Nets A/S. The system can process credit transfers and other payments within a maximum of five seconds on a 24 hours a day, seven days a week, 365 days a year basis, allowing users to initiate payments of up to HUF10m ($33,900.51) depending on certain conditions. Transactions are automatically cancelled if they take more than 20 seconds to process.
- To foster electronic payments and provide convenience to individuals, Hungarian banks are consistently innovating their existing products and services. A number of banks in Hungary - including Budapest Bank, MKB Bank and MagNet Bank - provide online bank account opening via video chat. MKB even offers an instant credit of HUF5,000 ($16.95) to customers who open a bank account online. Growth in the number of bank accounts drives the adoption of debit cards and electronic payments.
- The rapid increase in digital-only banks is driving competition in the banking space, thus helping boost debit card holding. UK-based Revolut operates in Hungary, and reached 250,000 users in the country in November 2019. In March 2020 it launched the Revolut Junior app to help improve financial literacy among children. The app offers a Junior bank account along with a Revolut debit card, and notifies parents regarding their child’s spending.

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.