The new payment solution, branded qvik, will be free of charge for customers and can be used for online payments and at cash registers in shops. It will not bring new convenience compared to the card, but could be a cheaper digital payment solution for retailers.

From September 1, a new feature will be introduced to Hungarian bank customers: they will be able to initiate a payment by scanning a QR code, free of charge.

In addition, two other technologies (NFC and deeplink) can be used to create payment solutions, but the QR code is expected to bring the biggest changes.

At first sight, it is unlikely that shops will be flooded with QR codes, but it is expected that there will be shops, retailers, SMEs and even supermarket chains that will introduce the solution in the coming days or weeks.

As usual for card payments, all shops will provide information on qvik payment, where you will see the logo below, you can pay by scanning the QR-code.

It is important to note that banks cannot charge customers any fees for “qvicking”. These payments are also exempt from financial transaction tax, therefore banks would not have to pass on this cost to customers anyway, unlike card payments, for which banks pay a flat rate of HUF 500 (EUR 1.27) per card per year.

At the same time, a natural prerequisite for qviks is to have a bank account, which in most cases has a fixed account management or other fixed fees.

For card payments, most customers today pay a card-issuing or annual card fee to their bank (typically a few thousand forints), but beyond that, card payments are free at the transaction level. In this comparison, there is not much difference between card payments and qvik payments.
 

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