Hungary

Hungary

General Information

  • Population 9.8m
  • Population 15 + 9.7m
  • Online Population 8.0m
  • Area 93,030 km2
  • Currency HUF
  • GDP 154.6bn USD
  • GDP per Capita 15,820 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"38"},{"label":"Cash-based payments","value":"6"},{"label":"Bank transfer","value":"14"},{"label":"Wallets","value":"27"},{"label":"Other","value":"15"}]
Banked population
  • Hungary 75%
  • Western & Central Europe 94%
  • World 67%
Credit card penetration
  • Hungary 13%
  • Western & Central Europe 46%
  • World 19%
Internet penetration
  • Hungary 83%
  • Western & Central Europe 91%
  • World 62%
Smartphone penetration
  • Hungary 75%
  • Western & Central Europe 75%
  • World 70%

Only 14% of Hungarian businesses have an online store but they made up 23% of the total retail revenue for Hungary in 2020. E-commerce has proven to be worth it as it makes up an average of 23% of retailers’ revenue.

Hungary’s economy dropped by 5 % in 2020 but is forecast to grow by 4.3 % in 2021 and 5.9 % in 2022 according to the IMF. Inflation also rose in 2020 by 3.3 % and is expected to rise by 3.6 % in 2021 and by 3.5 % in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 5.3
2022 6.0
2023 6.6
2024 7.2
E-Commerce spending per capita ($US)
2021 548
2022 617
2023 683
2024 746
E-Commerce spending as % of GDP
2021 3.2
2022 3.5
2023 3.7
2024 3.9

Hungary

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: NA | 26%
  2. Clothing & Footwear: NA | 24%
  3. Electrical goods: NA | 15%
  4. Food & Drink: NA | 11%
  5. Homeware & Furniture: NA | 5%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 9%
  2. Value of cross-border e-commerce ($US billion) – 0.4
  3. % of online shoppers who have shopped cross-border – 47%

Top 3 cross-border shopping origin markets

  1. China: 61%
  2. Hong Kong: 6%
  3. Germany: 6%
E-commerce % of total retail
  • Hungary 23%
  • Western & Central Europe 17.6%
  • World 20%
E-commerce completed on a mobile device
  • Hungary 55%
  • Western & Central Europe 43%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"20"},{"label":"Mastercard","value":"80"}]
  • E-commerce market size ($US billion) 4.6bn USD
  • E-Commerce spending per capita ($US) 474 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 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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