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 modernized 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 ecommerce. 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.