The Electronic Payment Service Providers Association becomes operational

After its registration in April, the Electronic Payment Service Providers Association (EFISZ), the socio-professional organisation of companies that provide non-cash, electronic payment (ubiquitous mobile payment) services, which is a non-governmental, autonomous organisation for representing interests, started its operation.

Founding members
In April 2017, the Electronic Payment Service Providers Association (EFISZ) was established by nine founding members – Budapest Bank Zrt., GIRO Zrt., Magyar Posta Zrt., Magyar Telekom Nyrt., MKB Bank Zrt., OTP Bank Nyrt., Pénzjegynyomda Zrt., Szövetkezeti Hitelintézetek Integrációs Szervezete, and Nemzeti Mobilfizetési Zrt. – at the initiative of the 100% state-owned Nemzeti Mobilfizetési Zrt.

The Electronic Payment Service Providers Association becomes operational

The Electronic Payment Service Providers Association becomes operational The objectives of EFISZ When establishing EFISZ, the main objective was to create an organisation of Hungarian companies that will support the development of non-cash, electronic payment solutions in Hungary and the development of innovative service and business models. The objectives of the Electronic Payment Service Providers Association include the following: to represent the interests of Hungarian non-cash, electronic payment providers in Hungary and abroad, and to jointly represent Hungarian non-cash, electronic payment service providers and their interests before decision makers. To provide and coordinate education to the public about the use of non-cash, electronic payment services, to establish cooperation regarding this task with governmental actors and financial stakeholders, and to develop a role of continuous coordination in relation to the introduction of non-cash, electronic payment services in public administration and services.

EFISZ expects that the development of the Code of Conduct of Electronic Payment Services, the establishment of the Ethics Committee, both of which are significant from a consumer protection aspect as well, and the monitoring of the implementation of the principles set out therein will encourage emerging financial service providers offering innovative non-cash electronic payment solutions to make their operations more user-friendly and customer-focussed. Electronic Payment Service Providers Association.

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