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.