For the first time, K&H customers can use mobile payment options.
K&H is the first company to introduce the Google Pay smart phone payment solution to domestic financial institutions, which can bring new impetus to bank card payments including secure smart phone payments.
Last year, a total of nearly 970 million domestic payments were made for cards issued in Hungary, an average of 2.65 million times a day, an increase of 7%. In 2020, the number of K&H users using contactless mobile payment will be six times that of a year ago.
K&H Group has been providing wallet payment for 5 years. It launched Apple Pay in June last year. It is now the first domestic bank to put Google Pay first.
Endre Eölyüs, head of MasterCard in charge of Hungary and Slovenia, said that with Google Pay, people can make payments anywhere, and the bank cards issued by K&H will be digitized into smartphones. The card details will be exchanged on the phone for so-called tokens, which protect payment transactions.
Virtual payment technology guarantees that these tokens can only run on a given smartphone, and they can be used safely for payment.
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