Emerging opportunities in Hungary
A report released by Research and Markets sheds light on emerging opportunities in Hungary’s cards and payments industry. Key highlights of the report suggest the card industry in Hungary grew at a CAGR of 0.82% during the review period. The growth was mainly driven by the debit card category which grew at a CAGR of 1.52%.
However, Credit cards declined at a CAGR of -3.70% during the review period, and charge cards at a CAGR of -1.23%. The prepaid card category posted the highest growth during the review period and grew at a CAGR of 9.05%. Growth has been related to the emergence of NFC technology encouraging card use among Hungarian customers.
In Hungary, price, convenience and value-added services are deciding factors when purchasing credit, debit and closed-loop prepaid cards. The Hungarian SEPA Association was established in 2008 and is expected to encourage growth in the cards and payments industry by incorporating SEPA standards.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
