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%

Hungary

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific + 5 Market relevance High PaysafeCash Type Cash Regions Eastern Europe & The Commonwealth of Independent States + 2 Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High PayU Type Bank transfer Regions Asia Pacific + 4 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 2 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Apple Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Amazon Pay Type Wallet Regions Asia Pacific + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific + 5 Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Masterpass Type Wallet Regions Asia Pacific + 5 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High WebMoney Type Wallet Regions Asia Pacific + 3 Market relevance High GoPay Type Wallet Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 NETELLER Type Wallet Regions Asia Pacific + 5 Simple Type Wallet Regions Western & Central Europe Splitit Type Instalments Regions Asia Pacific + 5

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