Research on the state of electronic payment during the COVID-19 pandemic

The Electronic Payment Providers’ Association (EFISZ), with contribution from its members, conducted a new, country-wide representative survey on the state of domestic electronic payment. On this occasion, the Association surveyed the knowledge, preferences and needs of the Hungarian public in the county seats in relation to electronic payment in a changed situation caused by the coronavirus pandemic.

In the survey conducted from September to October 2020, EFISZ was primarily interested in the awareness and needs of the Hungarian population regarding electronic payment, as well as the factors the public preferred during the emergency situation caused by the pandemic.

Research on consumer behavior clearly determined that the domestic population is using modern infocommunication devices at a growing rate and more and more people are using electronic payment services on these devices. In comparison with the results of earlier research it is evident that cash remains to be the most used means of payment, however, the volume of various non-cash payment solutions has grown significantly compared to previous years.

Analyzing consumer behavior also revealed that services based on prepaid cards have yet to see an explosive growth, nevertheless, the popularity of mobile payment solutions is on the rise. Solutions based on QR-code in electronic payment services are gaining popularity among users, though users are beginning to factor in the price of such services and this is starting to influence their selection criteria, too.

The research has also revealed an increased level of awareness among the users, and that we are starting to pay more attention to teaching financial literacy.

“All in all we can say that in this pandemic situation users have become more and more open to modern, digital solutions and to applying the related electronic payment options. These services may facilitate to maintain the operation of the economy even during this pandemic situation. The openness of the users may also present an opportunity for domestic enterprises to bring to market modern, innovative and competitive solutions, further increasing the resilience of the economy” said Mihály Veres, President of EFISZ.

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