New QR code payment system qvik to launch in Hungarian stores on 1 September
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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.
The only problem with this is that it relies on the underlying Google P(l)ay and ApplePay services infrastructure on one’s phone. That’s a HUGE problem! I have zero intentions of allowing Google, Apple, etc. know what I’m buying, where I’m buying it, and how much I’m paying for it.
Hard pass from me.