Lewes, DE -- (ReleaseWire) -- 04/08/2014 -- Hungarian GDP contracted by -6.8% in 2009, impacting the overall banking and financial services industry. The economy recovered in 2010 and 2011, but contracted again in 2012. However, it is expected to record robust growth over the forecast period, with real GDP growth rising from 1.26% in 2014 to 1.61% in 2018. Improved GDP growth, rising per capita income and low inflation are expected to raise consumer confidence and increase spending, resulting in an increased scope for card-based transactions. This will be further supported by rising online and mobile penetration, and the emergence of Europay, MasterCard and Visa (EMV) cards, near-field communication (NFC) technology, and mobile wallets.
Hungarian card payments channel value terms, the card payments channel valued HUF8.1 trillion (US$36.2 billion) in 2013. The debit cards category held the highest share with 85.7% of the cards in circulation in 2013. It is expected maintain the highest share of the overall payments channel and record a forecast-period (2014-2018) CAGR of 1.57%, rising from 7.8 million cards in 2014 to 8.3 million in 2018. The credit cards category had the second-largest share with 13.5% in 2013, followed by prepaid cards with 0.6%. Over the forecast period, the number of prepaid cards is expected to increase from 72,964 in 2014 to 216,724 in 2018, at a CAGR of 31.28%. The charge card category held the smallest industry share of 0.2% in 2013.
Browse this report: http://www.marketresearchreports.com/timetric/hungarys-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies
The report provides top-level market analysis, information and insights into Hungary’s cards and payments industry, including:
- Current and forecast values for each category of Hungary’s cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Hungary’s cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Hungary’s cards and payments industry
- This report provides a comprehensive analysis of Hungary’s cards and payments industry.
- It provides current values for Hungary’s cards and payments industry for 2012, and forecast figures for 2017.
- It details the different economic, infrastructural and business drivers affecting Hungary’s cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Hungary’s cards and payments industry.
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- Make strategic business decisions using top-level historic and forecast market data related to Hungary’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities within Hungary’s cards and payments industry.
- Assess the competitive dynamics in Hungary’s cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Hungary.
- Gain insights into key regulations governing Hungary’s cards and payments industry.
Find other Debit and Credit Cards Reports at: http://www.marketresearchreports.com/debit-credit-cards
- The Hungarian card payments channel registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 1.49% to reach 9.0 million cards in circulation by the end of 2013. In value terms, the card payments channel valued HUF8.1 trillion (US$36.2 billion) in 2013. The debit cards category held the highest share with 85.7% of the cards in circulation in 2013. It is expected maintain the highest share of the overall payments channel and record a forecast-period (2014–2018) CAGR of 1.57%, rising from 7.8 million cards in 2014 to 8.3 million in 2018.
- The emergence of NFC has encouraged card use in Hungary. Since 2011, the Cetelem Bank in Hungary has offered the contactless MasterCard PayPass facility for small purchases of up to HUF5,000 (US$25). This enables card payments without entering or passing a card through a POS terminal, entering a PIN, or signing a merchant receipt. NFC technology can be incorporated in mobile devices with have an NFC interface, enabling them to function as contactless payment solutions. Magyar Telekom, Telenor and Vodafone in Hungary with OTP Bank, Master Card and loyalty systems provider SuperShop have tested platforms to facilitate contactless mobile payments, and the range of services offered is widening to include live event tickets and access to sports facilities.
- Growth of e-commerce is expected to increase the scope for card-based payments over the forecast period. The value of e-commerce in Hungary grew from HUF97.5 billion (US$8.8 billion) in 2009 to HUF255.5 billion (US$12.5 billion) in 2013, at a CAGR of 27.24%. The number of e-commerce outlets that accept Visa and MasterCard also rose. During review period, retail sales grew at a CAGR of 2.83%, and this is expected to expand the scope of card-based payments. Growing internet penetration and rising consumer confidence in online transactions fuelled the growth of e-commerce. The number of internet users per 100 inhabitants in Hungary grew from 62.0 in 2009 to 74.3 in 2013. Over the forecast period, the figure is expected to rise from 76.9 in 2014 to 90.3 in 2018.
- The prepaid cards category was very much neglected with very few number of gift card issued and held very low market share with 0.6% of cards in circulation in 2013. The issuance of festive cards, meal vouchers, leisure vouchers, health cards and closed loop gift cards have given a large push to prepaid cards in circulation. The growth in the transaction volume of prepaid cards is also expected to grow as POS infrastructure improves and many sectors have adopted prepaid payments services. The prepaid cards category accounted for the highest growth during the review period, and is also expected to do so over the forecast period due to aggressive card issuance.
Find other reports on Hungary Market at : http://www.marketresearchreports.com/countries/hungary
Spanning Over 99 pages, 63 tables and 69 figures “Hungary's Cards and Payments Industry - Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” report covering The Analysis of the Industry Environment, Key Trends and Drivers, Cards and Payments Industry Share Analysis, Regulatory Framework and Card Fraud Statistics, Emerging Consumer Attitudes and Trends, Analysis of Card Payments and Growth Prospects, Analysis of Credit Card Payments and Growth Prospects, Analysis of Debit Card Payments and Growth Prospects, Analysis of Charge Card Payments and Growth Prospects, Analysis of Prepaid Card Payments and Growth Prospects, Merchant Acquiring, Company Profiles of Card Issuers, Appendix. The report covered 7 companies - Magyar Cetelem Bank, OTP Bank, UniCredit Bank Hungary, Kereskedelmi és Hitelbank, Citibank, MasterCard, Visa.
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