Although the home of the Rubik's cube, Hungary is thankfully an easy puzzle to solve when it comes to payments.
Hungary’s banks have recently modernised their domestic payment infrastructure, launching a local currency Instant Payment System (AFR) based on SEPA. The goal: to reduce the amount of cash in circulation and to support digital payment solutions.
While cards aren’t historically popular in Hungary, their use has increased in connection to the growth in e-commerce. Many banks support online bank transfers, while Apple Pay and Google Pay ™ launched in 2019 and 2020 respectively.
Cash remains the preferred method of in-store payment in Hungary.