Hungary

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 USD
  • GDP per Capita 18,791 USD
  • 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 94%
  • World 67%
Credit card penetration
  • Hungary 13%
  • Western & Central Europe 46%
  • World 19%
Internet penetration
  • Hungary 89%
  • Western & Central Europe 91%
  • World 62%
Smartphone penetration
  • Hungary 74%
  • Western & Central Europe 75%
  • 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. 

According to a recent study carried out by EVO, the most popular payment methods in Hungary are cash, payment cards and bank transfer. Hungarians are less likely to use Buy Now Pay Later schemes that other European countries (35% compared to 46%).

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.

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

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 5.9
2023 7.0
2024 8.1
2025 9.2
2026 10.3
E-Commerce spending per capita ($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

  1. Fashion: 37%
  2. Electronics & Media: 27%
  3. Food & Personal Care: 15%
  4. Toys, Hobby & DIY: 12%
  5. Furniture & Appliances: 9%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 10%
  2. Value of cross-border e-commerce – 0.5 bn USD
  3. Online shoppers who have shopped cross-border – 56%

Top 3 cross-border shopping origin markets

  1. China: 56%
  2. Germany: 13%
  3. United States: 3%
B2C E-commerce Growth 20->21
  • Hungary 19.1%
E-commerce % of total retail
  • Hungary 10%
  • Western & Central Europe 17.6%
  • World 20%
E-commerce completed on a mobile device
  • Hungary 41%
  • Western & Central Europe 43%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"20"},{"label":"Mastercard","value":"80"}]
  • E-commerce market size 4.8 bn USD
  • E-Commerce spending per capita 495 USD
  • 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 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 Market relevance High PaysafeCash Type Cash Regions Eastern Europe & the CIS, North America + 1 Paysera Wallet 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 Type Bank transfer Regions Eastern Europe & the CIS, North America + 1 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Amazon Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, North America + 1 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Masterpass Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High WebMoney Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 1 Market relevance High GoPay Type Wallet Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Simple Type Wallet Regions Western & Central Europe Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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