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A New Vision for Electronic Payments in Hungary - the Payments 2030 Strategy

Author

Listed:
  • Vivien Deak

    (Magyar Nemzeti Bank)

  • Kristof Takacs

    (Magyar Nemzeti Bank)

Abstract

In this feature article, key elements in the development of payments in Hungary are presented and the challenges ahead are highlighted in light of the changes observed over the past 10 years. The recently published new electronic payments strategy of the Magyar Nemzeti Bank and the 18 indicators in the Payments Development Indicator Set, which is based on a wide range of data at the MNB's disposal to monitor the achievement of the targets, are presented. The MNB's main strategic goal for payments by 2030 is to achieve a 60 per cent ratio of electronic transactions in the overall economy, or, with targeted measures, even two thirds.

Suggested Citation

  • Vivien Deak & Kristof Takacs, 2023. "A New Vision for Electronic Payments in Hungary - the Payments 2030 Strategy," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 22(3), pages 152-165.
    • Handle: RePEc:mnb:finrev:v:22:y:2023:i:3:p:152-165
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    References listed on IDEAS

    as
    1. Schmiedel, Heiko & Kostova, Gergana & Ruttenberg, Wiebe, 2012. "The social and private costs of retail payment instruments: a European perspective," Occasional Paper Series 137, European Central Bank.
    2. Zhang, Yanying & Zhang, Gaiyan & Liu, Liuling & De Renzis, Tania & Schmiedel, Heiko, 2019. "Retail payments and the real economy," Journal of Financial Stability, Elsevier, vol. 44(C).
    3. Schmiedel, Heiko & Kostova, Gergana & Ruttenberg, Wiebe, 2012. "The social and private costs of retail payment instruments: a European perspective," Occasional Paper Series 137, European Central Bank.
    4. Jonker, Nicole & van der Cruijsen, Carin & Bijlsma, Michiel & Bolt, Wilko, 2022. "Pandemic payment patterns," Journal of Banking & Finance, Elsevier, vol. 143(C).
    Full references (including those not matched with items on IDEAS)

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