Hungary's robust market's arms are wide open to e-commerce
E-commerce booms through Hungarian government's priority of e-commerce and e-payments.
The entire concept of e-commerce is still on the rise in Hungary, and therefore, despite massive bank account penetration, customers largely prefer paying for their online purchase with either cash or card upon delivery. Only one-third of bank account holders use online banking when transacting online.
On the other hand, credit card penetration is relatively low where credit and debit card payments make up 11% of e-commerce payments in Hungary. Instalment based payments on credit card transactions are becoming strikingly common and are a driving force for the usage of credit cards, reducing the financial burden by spreading the amount into monthly instalments over a pre-deﬁned period of time.
Online banking is gaining steady traction due to the significant nation-wide bank account possession along with the Central Bank’s efforts to promote electronic transactions. Similarly, digital wallets like MasterCard’s Masterpass, too, are proving highly beneficial for Hungarian shoppers. The ultimate ease and convenience through registering all their payment cards on their mobile devices greatly facilitate simplified and quick payments, both online and offline.
With PayU ‘s seven years of local experience in Hungary provides a widespread in-depth understanding of the local market, its intricacies in terms e-commerce trends and favoured ways to pay online greatly aiding merchants in their expansion.
Payment Methods Available in Hungary With PayU
Credit and Debit Cards