Mobile Payments Spreading Fast in Hungary

According to data by the National Bank of Hungary (MNB), the number and value of mobile payment transactions more than doubled between the second quarter of 2020 and the second quarter of 2021. The growing popularity of smartwatch payments could further boost the uptake of innovative solutions in Hungary.

"We are always very happy to see that innovative payment methods are so popular among Hungarians. This is not only proven by the current results, but also by the entry of digital giants like Apple, Google and Garmin into the Hungarian payments market. We hope that more and more services will become available for those who want to pay with smartwatches or other wearable devices", the Director of Mastercard Hungary and Slovenia, Endre Eölyüs, said in connection with the announcement.

In addition to mobile payments, the number of payments with wearable devices could also increase thanks to the fact that Hungarian cardholders will be able to use devices compatible with Google Pay and Garmin Pay, in addition to Apple Pay. These solutions share the same technology provided by Mastercard for fast, convenient and secure payments.

"During the installation of a mobile wallet, a virtual card, called a token, is created to replace the physical card and is inserted in digital form into the user's phone or other smart device (e.g. smartwatch, ring, activity meter) that can be used for payment. So the user can pay with his mobile phone or portable device without storing the physical card data", Regional Business Development Manager at Mastercard, László Szetnics, said explaining the technological background.