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Mobile Payments Surge Reported by Bank in Hungary

• 21 Mar 2023 7:22 AM
• Hungary Around the Clock

K&H reported robust growth in payments by smartphones and smart watches last year, which accounted for 20% of all bankcard payments, totalling Ft 25 billion.

The number of such transactions jumped by 250% in 2022, as turnover with the Google Pay, Apple Pay, Garmin Pay and Xiaomi Pay services leaped by 271%, it added.

Detailed data showed that the number of Google Pay transactions rose 3.6-fold from 2021, while transaction value quadrupled.

The number of transactions by Apple phone and smartwatch users doubled and turnover increased by 131%. In December alone, transactions via contactless payment methods exceeded 3.1 million for the first time.

K&H has 640,000 digitally active customers, and 520,000 actively use its mobile bank.

Nine out of ten customers use digital channels, internet banking, and mobile apps to manage their finances.

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