The “qvik” Revolution: Hungary’s New Instant Payment Method

Hey there, have you heard about the latest buzz in the world of payments? The National Bank of Hungary has just introduced a new payment method called “qvik”, and it’s causing quite a stir!

So, what exactly is qvik? It’s a super convenient way to make instant payments using QR codes, NFC, or even by clicking on a link in a mobile app. Basically, it’s like having a magic wand that makes payments happen in a snap!

According to Barnabas Virag, a central bank deputy governor, Hungary is now at the “global forefront” with the introduction of qvik on September 1. And get this – it’s completely free for consumers and way cheaper for merchants compared to other payment options. Talk about a win-win situation!

Aniko Turi, a state secretary at the national economy ministry, couldn’t agree more. She said that Hungary’s instant payment system has taken a giant leap forward with qvik.

But what makes qvik so special? For starters, it’s a 100% homegrown solution, developed by Hungarian companies. This means that all the data stays within the country and doesn’t end up in the hands of international card companies. Plus, it’s incredibly user-friendly. All you need is a smartphone with a banking app that supports qvik transactions. For now the solution is only available for SimplePay users, but the feature will be integrated with other payment applications as well in the future.

And here’s the best part – even small businesses can easily accept qvik payments without the need for expensive POS terminals. They can simply download a POS app on their Android smartphones and start accepting payments via NFC or qvik. It’s a game-changer for those who found card acceptance fees too costly.

Of course, with any new technology, there are always concerns about security. But fear not! The National Bank of Hungary has got you covered. They’ve implemented state-of-the-art security measures to protect users from online fraud. And by 2025, GIRO (the Hungarian clearing house) will activate a central fraud screening system to provide an additional layer of protection for qvik transactions.

So, there you have it – the qvik revolution is here, and it’s making payments faster, cheaper, and more secure than ever before. Whether you’re buying groceries at the store, shopping online, or paying your bills, qvik has got your back.