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The COVID-19 epidemic and the quarantine lockdown and other safety measures that were implemented in response to it had a complex impact on the use of debit cards in Hungary. In particular, the short-term effects of the rapidly evolving COVID-19 situation on debit card usage was somewhat contradictory, with increased trust in contactless debit cards as a safe and hygienic payment tool compared to cash resulting in strong growth being seen in transactions volume and value over the course of 2020.
As mentioned above, contactless payments become far more popular in Hungary during 2020 as the COVID-19 pandemic discourage people from using cash for hygiene reasons. In addition to the increased use of chip-and-pin debit cards, the shift towards contactless payment was also seen in the virtualisation of physical debit cards and the move towards using smartphones as payment tools in the proximity environment.
One major regulatory change that was made to debit payments in response to the COVID-19 pandemic during 2020 was the raising of the minimum transaction limit for secondary verification. Hungary’s financial regulatory authorities took the bold step of raising the HUF5,000 limit at which it becomes mandatory for the payer to enter their PIN number as secondary verification to HUF15,000.
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Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Hungary with research from Euromonitor's team of in-country analysts.
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If you're in the Debit Transactions industry in Hungary, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s industry reports, including Debit Transactions in Hungary, originate from our database within our Consumer Finance market share and market size database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.