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Nov 25, 2020

Hungary's authorities adopt measures designed to make payments and navigating red tape easier

Mihály Varga said that wherever there is an electronic cash register, electronic payments will be available.

 

The finance minister said Hungary's authorities have adopted various measures designed to make payments and navigating red tape easier and cheaper.

According to MTI, Mihály Varga said that wherever there is an electronic cash register, electronic payments will be available, a measure that expands e-payments by 50,000-60,000 points while reducing cash usage by tens of billions of forints.

After attending a meeting of the operative body in charge of coronavirus-related measures, Minister Varga noted that the new arrangements build on proposals made by the Hungarian Banking Association and the ministry. The buildout of e-banking services will also serve to simplify financial management for businesses and the general public. Also, the land office will handle real-estate transactions electronically, streamlining 130,000 cases a year.

In addition, the valuation of real estate could, in a third of cases, become free of charge as banks will have access to a central database for generic valuations, saving clients tens of thousands of forints, he said. Minister Varga said a new digital documentation system is being introduced in order to bolster security for the 6.5 million Hungarians with bank accounts.

Photo credit: vg.hu