The Electronic Payment Service Providers’ Association (EFISZ) arranged for a new, country-wide representative survey to be conducted: this time, the Association looked into the use of alternative payment methods.
The country-wide representative sampling took place in May 2022 among the Internet-user adult population and the market survey was conducted by querying 1,000 persons online. The opinion poll consisted of several sections: there were questions on the use of alternative payment solutions, but the Association was also interested in the financial awareness of the Hungarian population.
The research concluded that bank card payments, bank transfers, online payments, and cash-based payments are the most popular payment solutions among the Internet-user adult population (94-93-84-82 percentage).
The overwhelming majority (92 percentage) uses at least one alternative payment solution, and uses cashless payment solutions, alternatively, primarily during shopping or via online purchases (78-71 percentage).
Two thirds of those using alternative payment solutions pay with an alternative payment solution at least once a week—41 percentage daily.
The majority (58 percentage) of those using alternative payment methods use it for more than half of their purchases. The majority (59 percent) is happy to pay with such methods and use cashless payments confidently (67 percent).
Those not using alternative payment solutions use cash mostly out of habit (52 percent).
Those who are aware of cashless payment options have heard about cashless, alternative payment solutions mainly from the family, friends, acquaintances (44 percent) and on the Internet (41 percent), and typically hear about new payment options online (49 percent).
The respondents who (also) use alternative payment solutions consider them satisfactory, 84 percent are satisfied with their quality.
According to the participants of the research, it is mostly in the area of banking services where the quality of alternative payment solutions would need to be improved, 82 percent believe improvement is needed in this sector.
Respondents would mostly be encouraged by cost reduction opportunities and cost optimization (42 percent) as well as more secure systems (41 percent) to use cashless payment solution (more frequently).
Of those respondents who believe alternative payment solutions offer a benefit that is more outstanding, 37 percent claimed that this main benefit was its swiftness. Of Those using cashless payment methods (too), the highest proportion also indicated that swiftness was the feature encouraging the use of alternative payment methods (64 percent).
According to respondents, the popularity of alternative payment methods is largely due to the flexibility of the points of sale (marked by 57 percent), and the payment habits of customers are mostly determined by the proliferation of the use of smartphones and Internet-linked devices (72 percent).
The frequency if using electronic payment methods did not change for the majority of the respondents (55 percent) during the pandemic or since, the proportion of those who use such methods for payment more is 35 percent.
49 percent of the participants of the research regard their own financial knowledge good or outstanding. They would like to improve mainly in the area of savings (37 percent), they would like to expand their knowledge primarily through electronically accessible professional materials, videos (34 percent).