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30th June, 2020

OTP rolls out new payment option

OTP and its fintech unit OTP Mobil have rolled out a new mobile payment method based on instant payments that reads QR codes, the bank announced on Monday.

The transactions can be executed without entering card information and the feedback will be immediate to users, said OTP Bank managing director Péter Csányi.

The solution will first be available online on the SimplePay interface. OTP said it is open to making the technology available to other banks.

The payment solution could be available in a separate app in the future, Csányi added.

The number of online transactions completed by OTP clients has risen by a third since the start of the epidemic.

Electronic payment transactions are expected to double from 25% of the total to 50% in ten years, according to Csányi.

Revenue realised by retailers through the SimplePay online system grew to Ft 238 billion in the first half of 2020, a near two-fold increase from the same period of last year.

SimplePay has handled more than six million contactless transactions, and has 1.25 million registered users, said OTP Mobil CEO Péter Benyó. The fintech unit was set up in 2013.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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