Tag: hungarian mobile payments

NFC technology based mobile payments to launch in Hungary

| July 10, 2013

The three leading wireless firms in the country will be launching the new system in the new year.

The three largest mobile phone companies in Hungary have announced that they are working together to be able to launch a payments system in 2014 that will be based on NFC technology.

The purpose of this alliance is to help to move the country upward toward the trends in global communication.

At the moment, the sector is fighting to manage the struggles that remain from the economic downturn as well as from certain sector-based taxes from the Hungarian government that have been applied to telecommunications companies in the effort to better the finances of the nation.

NFC technology will be central to this new mobile payments system that allows transactions at checkouts.

The mobile payment technique through NFC technology allows consumers to use their compatible smartphones at shopping checkouts in order to pay for their purchases. All that they need to do is wave their enabled devices close to a reader, or tap the device against the reader. This reduces the time that is needed to make a purchase, improving convenience for consumers and allowing stores to shorten the checkout process.

The NFC technology based payments system will also be used to replace the electronic smartcard ticket system that is already in place in some of the Hungarian transport systems. It is expected to eliminate the systems that are comparable to the Oyster card in London. This same technology is being used by certain security companies to function as identification that will provide employees access to buildings in the same way that they previously would have used electronic scan cards.

The Hungarian firms are aiming to create mobile payments applications that will work with NFC technology capable devices so that smartphones can be uHungary - NFC technology mobile paymentssed as virtual wallets, containing all of the debit, credit, and loyalty card information that they wish to hold in one place. This suggests that the digital form of the wallet could one day result in a complete replacement of physical wallets and plastic cards, as well as cash transactions.

Mobile payments system in Hungary is still on track

| May 21, 2013

Mobile Payments HungaryEven though it faced some financial setbacks, the program is still predicted to be ready in time for launch.

According to the latest reports from the Budapest Business Journal regarding the mobile payments system that is to be implemented across Hungary, it is still planning to be ready on time.

The predicted fall launch of the system is still set to be met by the creators of the national program.

Despite the fact that the mobile payments system faced issues regarding the loans that were supposed to pay for the development of the network, the creators were able to overcome the problems and still plan to meet their deadlines. This will be a considerable feat for those teams who have experienced a number of time setbacks and delays, but who are moving forward at full speed to put themselves back on track.

The mobile payments system for Hungary was first announced earlier in 2013 to be ready by fall.

The mobile payments system will be operated by Nemzeti Mobilfizetési, which is owned by the state, and which has been facing a number of sizeable funding challenges in order to cover the costs of the project. Just recently, it was denied a loan of $3.52 million (HUF 800 million) from the Public Procurement Arbitration Board in Hungary. Though these funds were believed to have been vital to its ability to continue and to complete its work on time, it still believes that it will be able to make its deadlines.

A statement that was released by Nemzeti Mobilfizetési has explained that the development that is required in order to expand the mobile payments system will be starting, as scheduled, before the end of this month, and that it will continue forward so that it will be ready for its predicted start date in September 2013.

The purpose of the Hungarian mobile payments system is to be able to create a standardized program across the entire country. It will offer this type of transaction for making purchases such as transit and transportation tickets, motorway stickers, parking fees, and other similar purchases. It is expected that the complete system will be ready to roll out between 2014 and 2017.