Hungarians use 9 million bank cards, 75 percent of which are contactless cards, and modern electronic payment solutions are now accepted at 110,000 shops and service providers using almost 140,000 POS terminals, Finance Minister Mihály Varga said in an interview with MTI.
The volume of cash in circulation in the Hungarian economy is currently over 5,000 billion forints (EUR 15.4bn) or more than 14 percent of GDP compared to the EU average of about 8 percent.
60,000 POS terminals will be installed and supported at shops and service providers across the country, half of which are already operating. Once the programme is completed, almost 80 percent of shops in Hungary will accept bank cards.
The value of bank card purchases shows promising growth, having exceeded 5,000 billion forints for the first time last year compared to 3,980 billion forints in 2016.
However, the ratio of electronic payments is still only 25 percent so there is still room for further expansion, the minister said.
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