Using a credit card is becoming increasingly popular in our country
The popularity of credit cards is linked to the spread of the Internet in the 1990s. This standard-sized plastic sheet of information is provided by the bank to its clients who hold an account. The credit card is always the property of the issuing bank and the cardholder is entitled to use it. A credit card is a cash substitute tool without which you cannot imagine your life. Most people get paid for it and do many transactions with it without having to carry cash.
More than nine million credit cards are used today. The big advantage is that you can get cash at any time, even when your bank branch may be closed. It is usually linked to a bank account and used to cover the amount of money on the account or the credit line associated with the account. If one of these runs out, you will not be able to use the card.
Credit cards are in constant development
As are other technical areas. The development of the PayPass system, for example, was a major step forward. PayPass cards are equipped with new payment technology, so you can pay up to $ 5 with a single tap to speed up your purchase. One transaction takes about 5 seconds. This has probably contributed greatly to popularity. In one year, the proportion of touch payments doubled (67.8 million), and the total value of purchases jumped two and a half times (HUF 323 billion).
The number of card payments and related turnover has grown spectacularly among retail customers. The popularity of cashless solutions, including credit cards and various electronic payment solutions, is growing dynamically worldwide and in Hungary.
In recent years, the majority of the population has been characterized by the fact that more than half of their bank account payments have been withdrawn in cash, and that they have paid their checks and other expenses. This is no longer the case today. More and more people are using their credit cards with more courage and awareness.
Credit cards are accepted at around 108,000 locations
The government supports with large sums the installation of POS terminals (Point of Sale-Terminals, in-store and other point-of-sale terminals) in Hungary. As a result, credit card payment is becoming available in more places, and its popularity continues to grow.