The European Digital Finance Association (EDFA), comprising 19 professional associations, held its general meeting on 2 April 2025 in Vilnius, where new members were elected to the organisation’s board of directors. DÁVIDHÁZY Gábor, Project and Business Development Director at National Mobile Payment Plc. (Nemzeti Mobilfizetési Zrt.) and Secretary-General of the Electronic Payment Service Providers Association (EFISZ), was re-elected to the board.
During the course of just a few years, the EDFA has become one of the leading professional associations in the European digital finance sector. The Association reaches almost 3000 companies by way of its ecosystem, forming an effective bridge between market players and the regulatory environment. Its objective is to strengthen Europe’s competitiveness in the field of digital financial services, promoting innovation and technological development.
The fact that DÁVIDHÁZY Gábor was re-elected is high praise for Hungary as well, as it allows the nation to continue to actively contribute to forming the future of digital finance in Europe.
Utilising the possibilities in the digital finance sector and strengthening the regulatory dialogue is able to significantly contribute to the global competitiveness of both Hungary and Europe.
Both the Electronic Payment Service Providers Association (EFISZ) and National Mobile Payment Plc. are proud of the fact that its representative plays an active role in forming the digital development of Europe.
Electronic Payment Service Providers Association
The Board of EFISZ has re-elected Mihály Veres for another three-year term as President of the Electronic Payment Service Providers Association (EFISZ).
“In the past three years, EFISZ has focused on advancing the domestic electronic payment ecosystem, strengthening both national and international collaborations, and reinforcing professional partnerships. In the upcoming period, we intend to continue this work to support the introduction of modern, cashless digital services oriented toward sustainability” – stated Mihály Veres, President of the Electronic Payment Service Providers Association.
In 2025, EFISZ plans to organize several professional programs. Topics will include preparation for the opportunities and challenges of interoperable digital markets created by the unified eID and Instant Payment solutions in the European Union, as well as domestic market responses to these developments; promoting business innovations that enhance the competitiveness of Hungary’s digital economy through electronic identification and instant payments; supporting government digitalization efforts, the transformation of the domestic payment ecosystem, the digital central bank money, digital euro, continued cooperation with national and international professional organizations, supporting the implementation of Central Bank of Hungary’s Payment Strategy 2030, development funds, facilitating collaboration between fintechs and SMEs both domestically and internationally, supporting competitiveness, and sharing best practices.
EFISZ
On 16 October 2024, the Electronic Payment Service Providers Association (EFISZ) and the Embassy of Hungary in London held a joint international event at the Embassy of Hungary in London with the title “Hungary at the Forefront of the Development of the Instant Payment World”. An EFISZ workshop was already held in Brussels on a similar topic in the spring 2024, with much success.
Hungary launched the instant payment central infrastructure operated by GIRO Ltd. on March 2, 2020. It was the result of a joint project of all banks and payment service provider's (PSP’s), as Hungary was one of the countries in Europe where the regulator, National Bank of Hungary, mandated all banks and PSP’s to join the system. This decision made it possible to pursue the second phase of Hungary’s instant payment service development and turn the central infrastructure into a payment system under the name of “qvik” to be launched on September 1, 2024.
At the closed professional event, guest presentations were given by the National Bank of Hungary (topic: Building the instant payment ecosystem in Hungary - 2018-2024), GIRO Ltd. (topic: Instant Payment 2.0 - Next generation of payment solutions in Hungary), Capsys Informatics Ltd. (topic: How to make an instant payment system effective?) and the Hungarian Electronic Payment Service Providers Association (topic: EFISZ ecosystem - The role of the banking community in developing the Hungarian payment system).
The best practices presented at the event by the Hungarian delegation, could contribute to the development of the UK's new payment system, the National Payments Architecture (NPA).
EFISZ
The Electronic Payment Service Providers’ Association (EFISZ) arranged for a new, country-wide representative survey to be conducted: this time, the Association conducted its two-phase survey on “Mobile wallet solutions through the eyes of the users - representative survey on user habits and attitudes concerning mobile wallet applications”.
For the qualitative survey, an online focus group survey was conducted, controlled by a qualified moderator, between 11 and 12 March 2024, in which 4 groups participated.
During the focus group survey, users of the following electronic payment solutions, including mobile wallet applications, were interviewed to gauge the opinion of the target group:
The groups were heterogenous in terms of gender and place of residence, the groups included members from small and large settlements alike, from all three regions of the country.
Methods of payment
In the target group using a mobile wallet, the 18–25 age group and those over the age of 25 predominantly support electronic payment solutions, though there are some amongst them who prefer cash where it is possible.
The primary appeal of cash is that it is tangible and that it allows spending to be monitored.
The members of the target group prefer electronic forms of payment because of their convenience, security and swiftness.
Both age groups are aware of security concerns regarding cash and electronic payment alike, and opinions are divided over which method of payment is safer.
Concerning electronic payment, online shopping is regarded as the least safe, with participants being the most afraid of hackers’ attacks, while no serious concerns were voiced in connection with card payments.
There were participants in both groups who have experienced that electronic payment solutions were not accepted in small stores when a service was used, and more than one group member has experienced a situation where cash payment was not available. Compared to experiences abroad, on-site electronic payment options are seen to be more accessible in Hungary.
Fintech, mobile wallet
The participants examined predominantly connect the concept of Fintech to digital banks whose profile is based solely on electronic services, such as Revolut or Wise, it is not obvious for the members of the groups that the possibilities available in the mobile wallet applications of conventional banks also fall into this category.
Both age groups examined see mobile wallet payments as more convenient, safer and quicker than bank card payments.
The majority of the participants believe that face recognition and fingerprint scanner security systems in phones offer greater security than the PIN codes of bank cards.
While the majority of the 18–25 age group are familiarizing themselves with the possibilities offered by mobile wallet applications and use them predominantly for payment, those over the age of 25 are aware of and use more of the available features. In addition to the various forms of payment, functions relating to tickets and coupons are popular in both age groups. The possibility of dividing bills came as news for many. This is used, and seen useful, by some, while some specifically remarked that this was unnecessary.
The 18–25 age group is more open to uploading their personal data in a mobile wallet application than those over the age of 25, security concerns are less pronounced when trying out certain features, they would prefer convenience and being able to store things in one place.
In both age groups examined, it has been suggested that using more cards with smaller deposits would increase security, and a virtual card, one which expires after the first use, is considered a good idea.
The most popular mobile wallet applications are Apple Pay and Google Wallet, which have been positively commented by their users. Of proprietary applications of banks, many use Simple Pay, it seems that young people mainly do so because it is related to their bank and they have not yet tried anything else, and it has been suggested in both groups that it is possible to purchase motorway vignettes and bus tickets through this application and arrange parking, too. The number of PayPal users is also high, especially when it comes to online orders, supported by certain sites.
Concerning the quantitative survey, a representative sampling of Internet-user population over the age of 18 in Hungary took place using the so-called CAWI (computer assisted web interview) method between 15 April 2024 and 2 May 2024, during which 1,000 persons were interviewed.
Of the total sample, 52% (522 people) are women, 48% (478 people) are men, 38% (380 people) are between the ages of 18–39, 42% (419 people) are between the ages of 40–59, 20% (202 people) are 60 years or older.
According to the type of settlement, 18% (176 people) of the total sample declared themselves to be from Budapest, 23% (225 people) live in cities with a county rank, 32% (319 people) live in other towns, and the proportion of people living in a village is 28% (280 people).
35% (355 people) of the total sample have a primary education, 38% (381 people) have a secondary education, and 26% (264 people) have a higher education degree.
Nearly two-thirds (63 percent) of the participants in the survey prefer electronic payment methods over cash.
64% of respondents are familiar with the concept of a mobile wallet. The best-known applications are PayPal (53 percent), Simple (44 percent), and Google Pay (40 percent), and these are the ones most frequently used by the members of the entire sample (15–13–8 percent).
53% of mobile wallet users mostly pay via mobile wallet applications. Device recognition issues occurred for 29 percent during payment, and for 17 percent on more than one occasion.
39% of the participants in the survey believe that mobile wallet applications can completely replace a physical bank card, while 57% of regular users of mobile wallet applications think the same.
Using a mobile wallet is cost-effective
Almost two-thirds (65 percent) of those who have already tried a mobile wallet application and 70 percent of their regular users find it cost-effective to use such applications.
With a 42 percent response denial rate of all respondents, the relative majority (46 percent) believe that using mobile wallet applications reduces costs.
Using a mobile wallet is safe
72% of those who have tried a mobile wallet and 79% of regular users say that these applications are safe to use. Even in the entire sample, the relative majority (47%) believes that using a mobile wallet application is safe, while only 22% have doubts concerning that. The majority of those who have tried, or regularly use, a mobile wallet application (71–71%) believe that it is safe to pay through such an application.
57% of regular users say that mobile wallet applications have adequate data protection.
Using a mobile wallet is convenient
The vast majority (84–86%) of those who have tried, or regularly use, mobile wallets find them convenient to use. 66 percent of all respondents believe that using a mobile wallet application is convenient, while only 9 percent of them believe that they are not convenient.
EFISZ
On 26 March 2024, the Electronic Payment Service Providers Association (EFISZ) and the Embassy of Hungary in Brussels held a joint international event at the Liszt Institute Brussels with the title “Hungary in the Forefront of the Development of the Instant Payment World”.
The professional event held abroad intended to bring into focus, in particular, the ecosystem of electronic payment services, cross-border cooperation, regional partnerships and good practices – with a view to EFISZ’s intention to treat services with a value chain-based approach, maintain the competitiveness of the EU, and last, but not least, create partnerships.
In this introductory event, they shared experiences learnt from the Instant Payment System, which has operated in Hungary successfully since 2020, and also outlined further development paths that could be used by other Member States as a good practice. In addition to the above, EFISZ and its members involved could get an insight into the latest services, as well as current regulations concerning the digital finance segment, and participants could engage in professional discussions at the workshop.
At the closed professional event, guest presentations were given by EDFA, the joint international association of European FinTech organizations and digital payment services companies, (topic: European Digital Finance Association - Introduction of Umbrella Organizations), the Central Bank of Hungary (topics: Payments strategy 2010-2030 Hungary; Instant Payments in Hungary; Digitalisation and Fraud in Hungary), GIRO Zrt. (topic: GIROInstant-the backbone of AFR), Capsys Informatics Ltd. (topic: How to make an instant payment system effective?) and the National Mobile Payment Plc. (topic: Smart Platform-cross-border digital ecosystems and value chains), after the presentations, the participants had a chance to take part in a networking event, too.
EFISZ
On 26th March, the Electronic Payment Service Providers Association (EFISZ) and the Embassy of Hungary in Brussels is organizing an event at the Liszt Institute Brussels.
The workshop is intended to introduce the Hungarian Payment Ecosystem with the focus of lessons learned since the Instant Payment System was launched in 2020. In addition, EFISZ and its international partners are going to bring insights about the latest related services and initiatives in the digital finance sector. The networking event is a great opportunity to share best practices and give floor for professional dialogues to support new service developments.
Participation is subject to registration, if you are interested please contact the organisers until 15th March: blasko.judit@efisz.hu; dorottya.bosze@mfa.gov.hu
EFISZ
On 25 October 2023, the European Digital Finance Association (EDFA) organised discussions on current regulatory issues with the involvement of the competent decision-makers of the European Union. The Secretary-General of the Electronic Payment Service Providers’ Association (EFISZ) participated in the series of discussions held in Brussels.
During the discussions entitled “Empowering EU Consumers: National Implementation of the Consumer Credit Directive (CCD)” and “European Financial Data Space: The Transformative Impact of PSD3, PSR and FIDA”, the reports and proposals of the EDFA’s working groups – which were intended to launch a debate on the given topics – were discussed, and thematic panel discussions were held with the delegates of various EU committees and commissions.
The event on the Consumer Credit Directive was about the implementation of CCD at the national level. It brought together the representatives of EU institutions, national regulatory authorities and industry associations to discuss the potential benefits of, and cross-cutting issues related to, the transposition of CCD.
At the event revolving around the future of the EU’s payment services market, workshops were held with the participation of policy-makers, experts and executives of industry associations, and the planned roadmap for the adoption of the relevant legislation was also discussed.
EFISZ
Under the COP28 UAE Presidency, the Central Bank of the UAE (CBUAE), the Bank for International Settlements Innovation Hub (BISIH) and the Emirates Institute of Finance (EIF) have joined hands to launch the COP28 UAE TechSprint.
This pioneering initiative seeks to bring together technologists, innovators, data scientists, not-for-profit institutions, the financial services sector, and other private or public sector participants to bring forward best-in-class AI, blockchain, IoT and sensor technology solutions that can be used by the finance industry to support climate action.
Regarding to extend this opportunity, the Fintech Office at the Central Bank of UAE approached the Electronic Payment Service Providers Association in addition to several professional associations in order to explore the possible solutions.
EFISZ
The Electronic Payment Service Providers’ Association (EFISZ) carried out another national representative survey: this time the association studied electronic payment and digitalization trends.
The representative sampling had been conducted in 2023 between end of March and mid-April among adult internet-users and 2000 persons had been surveyed. The survey questions mostly pertained to electronic payment and digitalization trends.
Just like in the previous survey (90-94-81 percent, respectively), in April 2023 bank card payment, bank transfer and online payment are the three best known cashless payment options (93-91-80 percent have already heard about these).
Almost every (97 percent) adult internet-users in Hungary have already paid electronically at least once and 89 percent of them pay this way regularly. Bank card and bank transfer are the two most frequently used methods: 85% tried the former and 75% use it regularly, 79 percent tried the latter however only 43% became its regular user.
Respondents (also) paying by cash alternatives primarily tend to pay electronically when purchasing food (66 percent) and paying for utilities (51 percent), 56-42 percent is the share of those settling these kind of transactions regularly with cash alternatives.
Just like in the previous survey, in April 2023 almost half of the respondents (49 percent) pays more often electronically then by cash and the share of those using cash exclusively is only 10%.
89 percent of the questioned own a bank account, the share of those currently employed is 66 percent. The overwhelming majority (92 percent) of employees having a bank account receive at least a part of their salary to bank account, 85 percent receive the entire salary this way.
More than three out of four respondents (77 percent) having a bank account usually make efforts to monthly withdraw only the amount of money after which no bank charges are incurred; this is mostly typical for those having tertiary education and for elderly of and above 60 (87 and 85 percent, respectively).
Half of the survey participants are aware that it is cheaper to pay HUF 200,000 by bank card than to withdraw the same amount of cash from an ATM. People having tertiary education and residents of Budapest are the most well-informed in this respect (65 and 57 percent are aware respectively).
78 percent of those usually paying cashless tend to prefer stores and service providers accepting electronic payment methods and for 82% of them it is a basic requirement to be able to pay cashless. Both behaviour is most typical for those having tertiary education (86 and 91 percent respectively) and elderly of and above 60 (83 and 87 percent).
Ca. half (51 percent) of those using cash alternatives (as well) claimed to usually avoid on the long run deliberately those stores/ service providers which do not accept electronic payment and the avoidance of cash only payment is primarily typical for elderly above 60 (64 percent) and those having tertiary education (60 percent).
EFISZ
Electronic payment and digitalization trends 2023.pdf
The Electronic Payment Service Providers Association (EFISZ) is pleased to welcome GRÁNIT Bank among its members, as by this addition, the activity of the Association has further expanded and gained new momentum.
In order to realise its strategic objectives, EFISZ continuously works together—with the cooperation of its members and partners—on the development of the Hungarian and international electronic payment ecosystem, the facilitation of professional collaborations, the analysis of the strategic environment, the protection of the users of electronic payment services, and the promotion of the creation of innovative, cashless payment solutions and new service value chains.
In this context, it is of utmost importance that the Association’s list of members has expanded with GRÁNIT Bank, which was the first bank in Hungary to implement the digital banking business model.
‘GRÁNIT Bank was already born digital in 2010,’ stated Éva Hegedüs, Chairman and CEO of GRÁNIT Bank. ‘From the very beginning, we have provided our services to our clients without branch network, primarily through electronic channels and smart devices. We consider it our mission to come out, year after year, with market-leading, innovative financial solutions which make banking faster, simpler, experiential, and cost-effective for our clients. We are honoured that now—together with the members of EFISZ—we are able to take action within the framework of the Association to make the knowledge and spread of digital financial solutions a natural part of everyday life.’
‘We are also very pleased to welcome GRÁNIT Bank among our members, since following the Bank’s activities, it is clear that it significantly promotes conscious and environmentally friendly payment and purchase decisions with its innovation initiatives, digital solutions, and scheme for young people—which are all outstanding both in Hungary and internationally—, as well as with its efforts towards sustainability,’ emphasised Mihály Veres, President of EFISZ.
