Payments and e-commerce in Hungary

Discover how Hungarians like to shop and pay online

Hungary

General Information

Population 9.6 m
Population 15 + 8.2 m
Online population 8.6 m
Area 93,030 km²
Currency HUF
GDP 181.0 bn $US
GDP per capita 18,791 $US

Card-based payments
Cash-based payments
Bank transfer
Wallets
Other

[{"label":"Card-based payments","value":"36"},{"label":"Cash-based payments","value":"6"},{"label":"Bank transfer","value":"14"},{"label":"Wallets","value":"30"},{"label":"Other","value":"14"}]

Banked population

Hungary 77%
Western & Central Europe 96%
World 67%

Credit card penetration

Hungary 13%
Western & Central Europe 47%
World 19%

Internet penetration

Hungary 89%
Western & Central Europe 92%
World 62%

Smartphone penetration

Hungary 74%
Western & Central Europe 81%
World 70%

Hungarian GDP reached 7.1% in 2021, is expected to level out at 5.2% in 2022, and drop to 2.1% in 2023. Core inflation rose to a 25 year high of 16.7% in July 2022. It is expected to drop in 2023 if the Russo-Ukrainian war ends in 2022.

Jofogas.hu is the most popular online shopping site for Hungarians, totting up 4.5 m visits in July 2022.

In a recent survey of European countries and their digital progress shows that whilst Hungary’s broadband connectivity progress is strong, they are lagging behind in integrating digital technology – coming 25th in the category.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)

2022 5.9

2023 7.0

2024 8.1

2025 9.2

2026 10.3

E-commerce spending per capita ($US)

2022 606

2023 721

2024 838

2025 957

2026 1067

E-commerce spending as % of GDP

2022 3.3%

2023 3.7%

2024 4.0%

2025 4.3%

2026 4.6%

Hungary

The E-Commerce Market

Top e-commerce segments

Fashion: 37%
Electronics & Media: 27%
Food & Personal Care: 15%
Toys, Hobby & DIY: 12%
Furniture & Appliances: 9%

Cross-border e-commerce

Cross-border proportion of total e-commerce – 10%
Value of cross-border e-commerce – 0.5 bn $US
Online shoppers who have shopped cross-border – 56%

Top 3 cross-border shopping origin markets

China: 56%
Germany: 13%
United States: 3%

B2C e-commerce growth 20->21

Hungary 19.1%

E-commerce % of total retail

Hungary 10%
Western & Central Europe 17%
World 20%

E-commerce completed on a mobile device

Hungary 41%
Western & Central Europe 44%
World 53%

The Credit Card Split

Visa
Mastercard

[{"label":"Visa","value":"20"},{"label":"Mastercard","value":"80"}]

E-commerce market size 4.8 bn $US
E-commerce spending per capita 495 $US
E-commerce spending as % of GDP 3.0%

_{The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.}

Hungary

Local Payment Methods

BitPay

Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet

Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysafecard

Type Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Paysafecash

Type Cash Regions Eastern Europe & the CIS, North America + 1 Paysera

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayU

Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 2 Market relevance High SEPA Direct Debit

Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Skrill

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Trustly