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.