New QR code payment system qvik to launch in Hungarian stores on 1 September

Starting Sunday, a new payment system called ‘Qvik’ will be available in Hungary, allowing customers to make payments through their mobile phones by scanning a QR code. According to the Deputy Governor of the Hungarian National Bank (MNB), Barnabás Virág, this new payment method aims to add convenience to everyday transactions.

From 1 September, Hungarian consumers will have access to this new QR code payment option. According to Virág’s previous announcement, shared by Portfolio, the system is expected to be widely adopted by retailers, including major supermarket chains, in the coming weeks. Stores will clearly indicate that customers can initiate payments simply by scanning a QR code, similar to how they accept card payments today.

New payment system Qvik to launch on Sunday

In developing the name for this system, Hungary took inspiration from international trends, such as countries like Sweden using “Swish” and Switzerland using “Twint.” After considering over 50 potential names, the Hungarian solution was branded as ‘Qvik,’ which will be available to all bank customers.

Qvik has several advantages over traditional card payments.

Not only will transactions be free from fees imposed by banks, but they will also be exempt from transaction taxes,

making it a cost-effective alternative for both consumers and businesses. However, users will need a bank account to access Qvik’s services.

The new system will benefit retailers and customers alike

A key benefit for retailers is the immediacy of receiving funds. While card transactions may take up to two days to settle, with weekend purchases sometimes delayed by up to four days, Qvik payments will be processed instantly.

The system, created in collaboration between the MNB, Giro, and Hungarian banks, is built on the existing Instant Payment System, which already handles domestic transfers. The goal is to offer a secure, competitive alternative to card payments, providing simplicity and efficiency for users.

While the introduction of Qvik offers convenience, its full impact on simplifying payment processes remains to be seen. Nonetheless, it is positioned as a significant innovation in Hungary’s digital payment landscape.

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