New payment solution qvik revolutionses payments in Hungary starting September
Qvik is set to launch in Hungary this September, introducing advanced instant payment solutions to the market. These solutions include the unified Qvik QR code, Qvik deeplink, and Qvik NFC technologies. The service, developed with guidance from the Hungarian National Bank and Giro, aims to provide an efficient payment method that simplifies transactions for both consumers and retailers.
With the rollout of Qvik, consumers will be able to make payments via bank transfer in retail stores with the same ease as using a credit card, RTL reports. This innovative system, based on real-time payment requests and instant transfers, promises to offer a simple and economical alternative to traditional card payments. By eliminating the merchant’s commission fees associated with card transactions, Qvik provides a cost-effective solution for retailers and a free payment experience for buyers, akin to using a credit card.
The new system is designed to allow retailers to send payment requests to customers at the point of sale. Customers can then easily fulfil these requests without the need for a physical card. This system not only streamlines the payment process but also helps retailers avoid the high fees often associated with card transactions.
According to Bank360.hu, the new service is expected to make a strong entry into the market due to its fast and seamless payment capabilities. Early adoption by financial service providers could prove advantageous, as securing a significant share of this emerging market will be crucial. If major players in the industry get involved early, they could dominate the market, leaving smaller competitors with fewer opportunities.
Qvik is a win-win solution for both customers and retailers
The service aims to revolutionise payment processes by providing faster and more affordable transactions compared to traditional card payments. In physical retail environments, a QR code will be displayed on the checkout screen, which customers can scan with their mobile phones to complete their purchases. This same functionality will be available for online shopping, making it a versatile solution for various types of transactions.
For businesses that are open to embracing new technologies and looking to reduce the costs associated with card acceptance, the new service presents a valuable opportunity. From the consumer perspective, Qvik offers a secure, convenient, and legally free alternative to card payments, enhancing the overall payment experience without the need for additional apps.
Retailers and operators will benefit from seamless integration with Qvik, as there will be no need for additional enhancements to their existing systems. Customers will be able to use Qvik features through SimplePay’s solutions. Additionally, OTP’s phone POS service will enable mobile devices to function as POS terminals, supporting touch-transfer payments. Businesses using SimplePay will also be able to offer QR code and deeplink payment options, further enhancing their payment flexibility and customer satisfaction.
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