Swift Upturn in Demand for Digital Payments

  • 27 Aug 2021 9:51 AM
  • Hungary Around the Clock
Swift Upturn in Demand for Digital Payments
OTP Bank reported a swift increase in the number of electronic payment transactions and their average value in parallel with the reopening of the economy, Portfolio adds.

Demand for electronic payment solutions has also increased.

OTP registered a 12% increase in turnover and a 3% rise in the number of transactions at the bank’s payment terminals in the first quarter.

The dynamic growth in turnover continued in the second quarter, exceeding 20%, with a parallel increase in the average number of transactions.

The number of POS terminals deployed by OTP increased by 10.5% year-on-year in the first six months. OTP is trying to meet the surge in demand.

Legislation required all businesses with online cash machines to offer electronic payments to customers from January 1, but many companies suspended their operation due to the restrictions and met regulatory requirements later as they resumed operations later in the year.

OTP expects the proportion of online purchases to decline gradually, and in-person payments to rise, especially in service sectors such as tourism and catering as they bounce back from the lockdown.

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