Hungary Profile: Hungary in Early Stages of Embracing Fintech

07 Sep, 2020 . 4 minutes

Hungary’s 2020 population was estimated at 9.66 million. Its greatest online spending is from the 15-years-to-64 years age group. Last year 53 percent of adults increasingly favoured online shopping with an average spend of around 40.6 euros domestically and 24.8 euros for cross-border transactions. Meanwhile, 26 percent of cross-border shoppers buy mostly from China. 

Hungary’s internet penetration was 80 percent by the end of 2019. Digital payments are in the early stages of embracing fintech. Sharing the market with digital banking services the average digital payment transaction is 755.26 euros per user. Furthermore, total digital transactions are estimated to be 3.67 billion euros this year with users expected to reach 5.63 million by 2024.

Cards are still the most preferred payment method followed by bank transfers and digital wallet. The slow penetration of digital payments has an effect on online sales numbers but also offers opportunities for new entrants. As a result of high taxes the growth of digital banking services and digital payments is slow.

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