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Payments

The most frequent payment methods in Hungary are:

  1. money transfer;
  2. authorisation for the execution for the transfer (collective, single, bill of exchange);
  3. cash substituting tools (debit card, cheque); and
  4. cash payment.

The settlement system used between the banks for settlement in Hungarian forints (through the Interbank Clearing System maintained by GIRO Zrt.) is the VIBER, which is a real-time gross settlement system; thus domestic money transfers are fulfilled within four hours.

In recent years the popularity of the pay pass (without using POS terminals) card has increased, and according to the latest report of the Supervisory Authority on the payment system, the state will promote use of this payment method.

The e-money and the e-wallet are known by Hungarian law, but for providing such services, a special licence must be obtained from the Supervisory Authority.