Please Wait.....
Report
Hungary Pos Terminal Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
The Hungary POS terminal market is expected to register a CAGR of 13.87% over the next five years. The POS terminal systems have changed in the present market from transaction-oriented devices to systems that support, assist, and interface with organizations' CRM and other financial solutions. This situation has made it possible for businesses to use POS terminal-captured transactional data for business intelligence purposes.
Key Highlights
The wholesale and retail sectors remain among the most significant pillars of the Hungarian economy. But due to Covid 19 and the subsequent restrictions, both sectors have been the hardest hit. However, the COVID-19 pandemic created a demand for contactless payments, enhancing the total need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.
The rise in online shoppers is one of the pivotal factors augmenting the total market in Hungary. For instance, as per the Hungarian Central Statistical Office, the total share of online shoppers grew significantly in Hungary. Last year, the overall share of people shopping online reached nearly 74.3%.
Furthermore, the total share of urban population in Hungary is huge and growing year-on-year. As per World Bank, last year, 72.25% of Hungary's total population lived in urban areas and cities, whereas in 2020, 71.94% of Hungary's total population lived in urban areas and cities. This shows a greater degree of urbanization in Hungary, which acts as one of the key drivers of the market that will positively impact its market growth.
Moreover, Hungary's overall share of individuals using the internet to sell goods or services has risen significantly in the last few years. According to Eurostat, households accessing the internet increased to 93% in the previous year. This rise in the overall usage of the internet to sell goods or services by individuals in Hungary will boost the Hungary POS terminal market and is expected to create ample opportunities in the upcoming days.
On the other hand, the steady growth in security concerns due to the usage of critical information while using the POS terminal could be a factor that can stifle the market growth in Hungary.
Hungary POS Terminal Market Trends
The Rise in the Total Number of Payment Transactions in Hungary
The digitalization of payments has accelerated the move to cashless transactions. Even before COVID-19, contactless payments were on an upwards trajectory, facilitating a shift toward cashless countries. Although cash is still a popular means of payment in Hungary, the data for the previous year shows that debit cards are playing an increasingly major role in the lives of Hungarians when they decide to spend their money. This significant change is mainly due to the Covid-19 pandemic.
In the previous year, Hungarians started to gravitate toward debit card purchases a lot more; never before have so many card purchases been made in Hungary than in the third quarter of the same year. Between July and September, 322 million transactions were made with domestically issued debit cards. This is 40 million or almost 15% more than in the previous quarter, which saw the highest number of card purchases in Hungary, based on data from the National Bank of Hungary (MNB).
According to GKI digital, in the previous year, one-third of online orders were paid using a card upon delivery. Another 31% of the packages were paid for through electronic payment methods. This shows that the people in Hungary are very likely to pay through cards or by electronic payment methods, which is a positive indication of the market's growth in the region.
Moreover, the rise in the number of e-commerce transactions in Hungary is vital in augmenting market growth. According to GKI digital data, in the last year, the total number of e-commerce transactions reached nearly 69 million in Hungary. The most online purchases were made in the apparel, fashion, and sports products categories totaling over 14 million.
As per Hungarian Central Statistical Office, in the last year, the share of online shopping grew to 74.3%, whereas it was only 70.6% the year before that. This rise in online shopping will enhance the market growth exponentially.
Rise of Retail Trade in Hungary
An increase in the total percentage of enterprises that sell online in the country is acting as a catalyst for market growth.
In addition, the online share of the retail trade turnover in Hungary is in the rising phase. The share of the total retail trade revenue increased considerably in Hungary due to the COVID-19 outbreak. Based on the data from GKI digital, in 2021, e-commerce accounted for over 10% of online retail turnover. This rise in Hungary's total retail trade revenue is a positive indication of market growth.
Moreover, per the data from Eurostat, the total percentage of e-commerce as a proportion of the total turnover of enterprises in Hungary in the last decade has risen. Last year, the turnover share from e-commerce for business enterprises totaled 21% in Hungary. Additionally, the turnover share from e-commerce for business enterprises is expected to grow primarily due to the rising trend of payment transactions prevailing in the country.
Also, as per GKI digital, Hungary's total number of online orders followed an increasing trend over time. Last year, domestic online orders peaked at almost 70 million. This rise in domestic online orders will significantly boost the market's growth.
Furthermore, with the growing popularity of e-commerce, online retail trade revenue has increased year over year in Hungary. In 2021, revenues from online retail totaled USD 3.2 Billion, per GKI digital data.
Hungary POS Terminal Market Competitor Analysis
Due to the existence of a few players, the Hungary POS Terminal Market is slightly fragmented. Moreover, because of the partnerships and recent advancements in the market, the sector is characterized by moderate competition. Worldline SA, Paymentwall Inc., and Novopayment, among other companies, are some of the prominent participants in the field.
In January 2022, Worldline collaborated with Spreedly, the provider of the leading Payment Orchestration platform, and announced that Worldline had joined the Spreedly Payment Service Provider Program. Spreedly's Partnership Program was created to further support a vision for a diversified and inclusive payments ecosystem by offering connectivity and flexibility for all players, including payment service providers.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of COVID-19 Impact on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 The rise in the total number of payment transactions in Hungary
5.1.2 Rise of retail trade in Hungary
5.2 Market Challenges
5.2.1 Growth is the security concerns due to the usage of critical information
5.3 Market Opportunities
5.3.1 Increasing adoption of in-store mobile payments among customers
5.4 Key Regulations and Complaince Standards of PoS Terminals
5.5 Commentary on the rising use of contactless payment and its impact on the industry
5.6 Analysis of Major Case Studies
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Fixed Point-of-sale Systems
6.1.2 Mobile/Portable Point-of-sale Systems
6.2 By End-User Industry
6.2.1 Retail
6.2.2 Hospitality
6.2.3 Healthcare
6.2.4 Other End-user Industries
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Worldline SA
7.1.2 eService Sp. z o.o.
7.1.3 Novopayment
7.1.4 Quadrapay
7.1.5 SRS Informatika Kft.
7.1.6 myPOS
7.1.7 B-Payment Szolgaltato Zrt.
7.1.8 Ingenico
7.1.9 Fizetesi Pont
7.1.10 Bartimex Kft.
8 INVESTMENT ANALYSIS
9 FUTURE OUTLOOK OF THE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security