Payment methods in Hungary

Europe

5methods

12banks

The Hungarian e-commerce market is worth US$2 billion a year today but its value will double by 2027.

Market takeaways

The Hungarian e-commerce market is worth US$2 billion a year today but its value will double by 2027.
Shoppers in Hungary buy almost 10% of their online purchases, worth $200 million, from merchants in other countries.
Hungarians pay for just 34% of all online transactions using cards. All the rest they buy using bank-transfer apps, e-wallets and other digital payment methods.
In 2022, Hungarians paid for more than 40% of all online purchases using a mobile device, a slight increase on the previous year.
The average Hungarian online shopper spends just under US$300 a year with e-commerce merchants, rising to over US$400 by 2027.

Population

9.7M

Online population

8.3M

B2C e-commerce

$4.2B

Banked population

76%

Credit card population

30%

E-commerce of total retail

Payment method breakdown

Card30%
Cash20%
Bank Transfer22%
E-Wallet28%
Other0%

Card scheme breakdown

Visa20%
Mastercard80%
American Express0%
Local schemes0%
Other0%

Cross-border e-commerce

Cross-border shoppers

61%

Share of e-commerce

Cross-border value (est.)

$0.2B

Featured payment methods in Hungary

All payment methods available in this market, sorted by prominence.

SimplePay

Hungary's dominant digital payment gateway, operated by OTP Bank. Powers ~50% of Hungarian digital transactions. Integrated by most Hungarian e-commerce merchants. Supports card payments, bank transfers, and instalment options in a single flow.

SZÉP Card

State-regulated benefit card issued by employers as a tax-advantaged fringe benefit. Over 3 million in circulation. Used in hospitality, accommodation, and leisure sectors. Significant for e-commerce in travel and hospitality.

Paysafecard

Paysafecard is a prepaid voucher payment method allowing consumers to pay online without a bank account or card. Vouchers are purchased at retail points of sale and redeemed with a 16-digit PIN at checkout. Switzerland is a supported Paysafecard consumer country and usage is concentrated in gaming, digital goods, and entertainment sectors.

Cash on Delivery

Cash on Delivery (COD) is the dominant payment method for Algerian e-commerce, reflecting low consumer trust in online payment systems and limited access to cards or digital wallets. Customers pay the delivery agent in cash when goods arrive. Nearly all Algerian e-commerce platforms offer COD as their primary or only payment option. The widespread reliance on COD is both a symptom of underdeveloped payment infrastructure and a barrier to merchant cash flow, as returned goods result in no payment.

Cash on Delivery (COD)

The single most-used payment method, with approximately 45-47% of e-commerce orders still settling in cash at delivery. Consumer distrust of online payments remains the primary driver. Most major Serbian logistics providers (Post of Serbia, DExpress, etc.) offer COD collection.

Featured banks in Hungary

All banks operating in this market, sorted by prominence.

Intesa Sanpaolo

Turin, Italy

Intesa Sanpaolo is Italy's largest bank and one of the Eurozone's leading financial institutions, providing retail, corporate, and investment banking in Italy and across Eastern Europe, the Middle East, and Africa.

UniCredit

Milan, Italy

UniCredit is a pan-European commercial bank headquartered in Milan with a strong presence in Italy, Germany, Austria, and Central & Eastern Europe, serving 15 million clients.

Erste Group

Vienna, Austria

Erste Group is Austria's largest bank, headquartered in Vienna. It serves 17 million clients across Austria, Czech Republic, Slovakia, Hungary, Romania, Serbia, Croatia, and Slovenia.

OTP Bank

Budapest, Hungary

OTP Bank is Hungary's largest bank and the dominant financial institution in the country, with significant regional presence across Central and Eastern Europe and the Balkans.

KBC Group

Brussels, Belgium

KBC Group is a Belgian banking-insurance company with a strong presence in Belgium, Czech Republic, Slovakia, Hungary, Bulgaria, and Ireland.

Raiffeisen Bank International (RBI)

Vienna, Austria

Raiffeisen Bank International (RBI) is Austria's second-largest bank and a leading retail and corporate bank in Central and Eastern Europe, operating in 13 markets.

UniCredit Hungary

Budapest, Hungary

UniCredit Hungary is the Hungarian subsidiary of UniCredit Group, offering retail and corporate banking.

K&H Bank (KBC Hungary)

Budapest, Hungary

K&H Bank is Hungary's second-largest bank, a KBC subsidiary, providing retail, SME, and corporate banking.

Raiffeisen Bank Hungary

Budapest, Hungary

Raiffeisen Bank Hungary is the Hungarian subsidiary of Raiffeisen Bank International, serving retail and business clients.

Budapest Bank (MBH)

Budapest, Hungary

Budapest Bank (merged into MBH Bank in 2023) is one of Hungary's major retail and corporate banks, now part of the merged MBH banking group.

Oberbank

Linz, Austria

Oberbank is a regional Austrian bank based in Linz, part of the 3 Banken Gruppe. It offers retail and corporate banking with a focus on SMEs in Upper Austria.