7 Payment Methods in Hungary
Offering the best payment methods in Hungary is essential for doing business as an in-country or international business owner. The growing Hungarian e-commerce market requires choosing the right payment methods for success with consumers. Convenient, secure options are expected from Hungarians when buying both in-store and online.
Online Payment Methods in Hungary
The following are some of the top online payment methods used by Hungarian customers.
1. Credit and Debit Cards
Payment cards, including credit and debit cards, are one of the most popular payment methods for purchases in Hungary.
Hungarians frequently use Mastercard and Visa credit and debit cards. They also use local bank cards for online purchases. Many online businesses integrate card payments through a global payment gateway to facilitate seamless transactions.
Foreign entrepreneurs should offer secure debit and credit card payment options. A smooth and secure checkout process will build customer trust and encourage repeat business. E-commerce, subscription, and hospitality services are examples of businesses that benefit greatly from offering card payments.
To set up credit or debit cards as a payment option, look for a trusted merchant service provider that provides secure transactions, fraud prevention, and compliance with European regulations. Providers like Unicorn Group facilitate seamless cross-border transactions with competitive currency conversion rates. When looking for a quality merchant service provider, prioritise the following features:
- Seamless integration of both online and in-store payment methods
- Support for several European countries
- Full compliance with GDPR and PSD2 regulations
- Subscription billing options for businesses of all sizes
- Secure transactions along with powerful fraud protection and chargeback mitigation tools
- Easy onboarding for clients
- User-friendly merchant dashboards with intuitive tools for managing transactions, refunds and analytics
- Support for locally preferred payment options
- Easy integration with developer-friendly APIs, SDKs, and plugins for major e-commerce platforms
- Customisable checkout features that allow businesses to incorporate their unique branding
- PCI DSS Level 1 compliance. This is the highest level of security required by the Payment Card Industry Data Security Standard (PCI DSS).
Choosing a good merchant services provider is imperative to offer and accept secure online payments. Because debit and credit card transactions are so popular in Hungary, it is an essential payment option to offer to your customers.
2. Revolut
Revolut is a mobile banking application that is popular in Hungary.
An increasing number of Hungarians use Revolut when making online transactions due to its low fees and quick purchase ability. Businesses that use Revolut to accept payments can cater to more tech-savvy consumers.
Subscription-based businesses and freelancers who offer digital content can use Revolut’s services to receive immediate settlements.
3. Online Bank Transfers
Online bank transfers are a trusted payment method for Hungarians, especially for large purchases and professional services. Both SEPA and domestic transfers are common in Hungary.
Foreign entrepreneurs can set up Hungarian bank accounts or find a trusted international payment processing company to facilitate smooth and straightforward transactions.
4. Mobile Payments
Mobile payments are extremely popular for both online purchases and in-person transactions.
Mobile payments are made on mobile devices such as smartphones or tablets, either online or for contactless payments at the point of sale. This modern technology allows buyers to make transactions or send funds to others using various apps, including Google Pay and Apple Pay.
With mobile banking, Hungarians pay through bank-provided apps. Online shopping, subscription services, food delivery, and ride-sharing companies enjoy the benefits of these cashless payment methods.
In-Person Payment Methods in Hungary
Consider these payment methods for in-store sales in Hungary.
5. Cash
Paying in cash continues to be hailed as a trusted and preferred way to pay in-store in Hungary. Furthermore, receiving cash for payments boosts trust and revenue among Hungary’s population.
In-person businesses should be sure to accept cash payments to appeal to people who are not tech-savvy or who prefer more traditional payment options.
6. Contactless Payments
Physical stores throughout Hungary have implemented contactless payment options for their customers, including “tap to pay” cards as well as mobile payments.
Some customers prefer this method simply for the convenience, while others prefer it for the hygiene benefits.
Foreign entrepreneurs who plan to open physical stores in Hungary should consider offering contactless payment options.
7. SZEP Card Payments
The SZEP card is another popular payment method used in Hungary, but only for specific purchases.
SZEP cards are used by some employers for their employees to use on hospitality, dining, or leisure expenses. Hotels, restaurants, movie theatres, and golf clubs could increase their sales by accepting these types of payments.
Payment Trends in Hungary
The Hungarian population is moving towards digital payments with an increase in card transactions and mobile payments. Consider the following recent statistics about payment trends in Hungary:
- 91% of adult internet users shop online regularly
- 57% of Hungarians pay with cards regularly
- Mobile payment methods in Hungary are increasing
- Cash remains one of the most popular payment methods
These trends show the importance of offering several ways for customers to pay for goods and services.
The Best Payment Methods for Your Hungarian Business
It is critical to choose the best payment methods for your Hungarian business to build trust, improve conversion rates, and build future success. Take time to consider your business’s needs, goals, and strategies before deciding which options to offer.
For e-commerce stores, be prepared for customers wanting to use credit and debit cards and other digital payment methods. For in-person stores, customers use cards, mobile payments, and cash.
Whether you are opening an online store, subscription-based business, or starting a brick-and-mortar company in Hungary, having a solid and trustworthy payment network in place makes all the difference in cultivating happy and loyal customers. Be ready for whoever comes your way by offering several secure ways to pay.
