Contactless payments accounted for more than half of all transactions made with payment cards in Hungary in 2016, according to the country’s central bank, Magyar Nemzeti Bank.
In 2015, contactless payments accounted for 30% of payments, however in 2016, that figure increased to around 51%. Nearly two thirds (63%) of payment cards and more than three quarters of POS terminals now allow contactless payments in Hungary.
In addition, contactless payment has been dwarfing payment card turnover, resulting in the technology accounting for over half of the total domestic purchase transactions conducted with payment cards.
The number of POS terminals operating at more than 85,000 physical merchant acceptance points increased by more than 9% during the year.