F1 Hungarian GP Race Completely Cashless This Year

Festipay Plc., founded in Hungary, will provide cashless payment services at the 40th Formula 1 Hungarian Grand Prix, which will be held just west of Budapest on the first weekend of August.

The company announced to MTI on Wednesday that it will operate hundreds of contactless terminals throughout the hospitality area, where guests can pay with a bank card, mobile phone, or Festipay card. The system has already been successfully implemented in Bahrain.

Attila Solti, member of the board of Festipay Plc, said those arriving with cash can use a prepaid card, the unused portion of which can be exchanged for cash at no cost at the end of the event.

"As part of the ongoing renewal of the Hungaroring, only cashless payment will be available in the catering units during the Hungarian Grand Prix weekend. The involvement of Festipay ensures faster, more convenient and safer shopping for fans and contributes to providing a modern, European-standard experience at the Hungaroring," Zsolt Gyulay, president and CEO of Hungaroring Sport Plc., was quoted as saying in the announcement.

Festipay Plc.'s revenue grew by 3% last year to HUF 1.26 billion from HUF 1.22 billion a year earlier, while its after-tax profit rose more than 25-fold to nearly HUF 138 million from HUF 5.3 million in 2023. Festipay is Central Europe's leading integrated event management service provider, employing nearly 300 seasonal workers during the summer festival season.