Board Adopts Measures to Make Payments Easier

Hungary’s authorities have adopted various measures designed to make payments and navigating red tape easier and cheaper, the finance minister said.

Wherever there is an electronic cash register, electronic payments will be available, a measure that expands e-payments by 50,000-60,000 points while reducing cash usage by tens of billions of forints, Mihály Varga said after attending a meeting of the operative body in charge of coronavirus-related measures. Noting that the new arrangements build on proposals made by the Hungarian Banking Association and the ministry, he said buildout of e-banking services will also serve to simplify financial management for businesses and the general public.


Also, the land office will handle real-estate transactions electronically, streamlining 130,000 cases a year. In addition, the valuation of real estate could, in a third of cases, become free of charge as banks will have access to a central database for generic valuations, saving clients tens of thousands of forints, he said. Varga said a new digital documentation system is being introduced in order to bolster security for the 6.5 million Hungarians with bank accounts, he said.


Leave a Reply

Your email address will not be published. Required fields are marked *