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Aug 09, 2019

Hungary’s finance ministry supports cash-free payment methods

State Secretary Gábor Gion has said Hungary’s finance ministry supports no-cash solutions, which have a crucial role in whitening the economy.

State Secretary Gábor Gion has said Hungary’s finance ministry supports no-cash solutions, which have a crucial role in whitening the economy.

During a press conference on the sidelines of Budapest’s Sziget festival, Gion said that two-thirds of payments in Hungary are still made in cash, and praised the festival’s organizers for running the event with a cash-free payment method for several years.

Hungary’s cash stock is worth some 6,000 billion HUF (EUR 18.4bn), or 14 percent of the country’s GDP, Gion said, adding that 4,500 billion HUF of that grand total rest with residents.

Chief organizer Tamás Kádár said that Sziget had been the first festival in Europe to switch over to a cash-free payment system.

Photo credit: digitalisan.hu