It turned out who were the favorite fintech companies of the Hungarians

Fintech service providers have been present in the Hungarian market for a long time, but so far they have only been able to gain a more serious market presence in the field of payment services. Three quarters of the Hungarian population aged 18-69 already used some kind of fintech payment service, based on the data of the Scale Research Bankindex survey in 2021, with a particularly high proportion of those aged 40-49 and those living in the county seat. The use of fintech banking services is still typical for one-sixth of the population; at the end of 2021, 13 percent of our compatriots were in contact with a fintech bank, a higher proportion of those under the age of 40, with higher education, and those living in Budapest or the county seat.

Fintech companies are typically used to send money or make purchases. One in three of our compatriots has already sent money or made a credit card purchase with their help, especially men who are open in this area. More than a quarter of the population is already used to buying on the Internet with the help of fintech, but only one in ten people have switched to foreign currency with the help of fintech, and men are also the leaders in this field. Only a twentieth of our compatriots already make mobile top-ups or purchase bitcoin, or they have already done so with the help of fintech service providers, the latter activity being carried out by a larger proportion of people in Budapest.

5% of adult Hungarians manage their savings at one of the fintech banking service providers, and those under 30 and residents of Budapest have a greater affinity for this. Less than a twentieth of the population makes a credit card purchase or a share purchase through a fintech company.

  1. PayPal has the largest user camp in Hungary, with nearly two-thirds of the population, 4.4 million, or customers who have already tried its services.
  2. In second place is the Simple service, with a market share of more than 1 million with a market share of 21%.
  3. As a neo-bank service provider, Revolut has reached the podium with a market presence of 12%, and is more popular among people in the capital, those under 40 and men.

800,000 people already use Revolut in Hungary, and more than 700,000 use Barion. GooglePay will be used by 9 percent of the population and ApplePay by 6 percent by the end of 2021 – the latter being used to a greater extent by people under the age of 30, as well as by metropolitan residents. A target group of more than 400,000 people bought Bitcoin through a fintech service provider, and a quarter of a million people use Transferwise’s services, which is 4% of the population. The market presence of other neobanks is still marginal among the domestic population.

For the first time, fintech service providers reach their customers in the field of financial and payment transactions, as they can easily come up with advantageous offers for their customers in this field. This also happened in the Hungarian market, where the majority of the active adult population has already been reached by one of the payment fintech service providers. The big question is how much of the customers will be willing to take the second level, ie the use of neobanking services, in the next few years. Many people already have an openness to fintech banking services, but the actual use has only appeared in a small part of the population, many of whom typically use fintech banking service providers to make payment transactions or exchange currency, ”explains Péter Schauermann, Director of Customer Relations at Scale Research. .

The big question is what growth path the use of fintech banks will follow in Hungary, how well other brands will be able to catch up with Revolut. Revolut, which already has a significant customer base and announced the start of banking operations, has a good chance of migrating customers towards more complex banking products. Following the success of Revolut, market growth will be easier for other neobanks as well, which may also help stimulate competition in the banking market.

About Bank Index Research

The research of the Scale Research Bankindex monitors the trends of the Hungarian retail banking market, customer expectations and changes in product and channel usage in the framework of an online questionnaire survey of 1,000 Hungarians aged 18-69.

Source: – Bank by

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