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).
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