Register for The Paypers news Follow The Paypers on LinkedIn! Follow The Paypers on Twitter! Follow The Paypers on Facebook! Follow The Paypers on Google+!
The Paypers, paypers, Insight in payments, News, Reports, Events
Mobile Payments

Hungary's national bank to launch instant payments service

Friday 23 December 2016 | 10:49 AM CET

A proposal from Hungary’s central bank Magyar Nemzeti Bank (MNB) for the launch of an instant payments service has been approved by the country’s Financial Stability Board.

The service will allow consumers to initiate a payment using only the mobile phone number of the recipient, with transactions completed “in a matter of seconds”.

Based on this system, interoperable payment solutions may be established which may widely support the possibility of electronic payments in all payment situations today, mainly characterised by the use of cash, according to MNB.

The service will allow for payments of up to HUF 10 million (USD 33,599) to be made and is in line with SEPA’s standards for instant payment services and the European Union’s Payment Services Directive (PSD2).

Print | Contact editor | Mail
© 2017 The Paypers
More: Abstract | Link