The market of pre-paid cards related to fringe benefits has changed radically as of 2019, as this category is highly dependent on taxation regulation related to fringe and personal income tax benefits. The Széchenyi Pihenokártya remains in the favourable/preferred tax category as of 2019, and consequently this form of fringe benefit is likely to become even more popular in future.
There is a blurring of the line between open-loop pre-paid cards, and cards issued to commercial current accounts represent the next big thing in the pre-paid environment. It is highly desirable to reduce cash transactions in corporate accounting, and therefore companies look for transparent and cost-effective tools to manage out-of-pocket expenses, and replace petty cash with card payments.
The growth and usage prevalence of closed-loop pre-paid cards is highly dependent on the marketing activity of retailers, which potentially represent the largest gift card issuers. The gift card market remains in its infancy.
Revolut Ltd had acquired approximately 50,000 customers by the end of 2018, and extensive growth is expected over the forecast period, as Hungarian currency accounts are also available as of May 2019. Growth is fuelled by strong word-of-mouth recommendations, social media coverage, and blog posts.
This widely used fringe benefit card is set to lose its appeal, as a new tax code took effect as of 1 January 2019. The cards previously issued will remain in circulation until the end of 2019, and debited amounts will be accepted as before during 2019.
Open-loop pre-paid cards were relaunched by Mastercard International in 2017 to grow the category, due to its considerable potential, covering various usage occasions, such as gifting and controlling expenses within an allocated budget. Certain customer groups, including helping students to manage finances and allowances, was also a sizeable demographic considered.
You have no recently viewed reports.
Why not browse through our Featured or Trending Reports to see what we have to offer?
Discover the latest market trends and uncover sources of future market growth for the Pre-Paid Transactions industry in Hungary with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Pre-Paid Transactions industry in Hungary, our research will save you time and money while empowering you to make informed, profitable decisions.
The Pre-Paid Transactions in Hungary market research report includes:
Our market research reports answer questions such as:
Euromonitor’s industry reports, including Pre-Paid Transactions in Hungary, originate from our database within our Consumer Finance market share and market size database