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Transaction-based pricing 'remains a problem' - MNB

MNB

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) said transaction-based pricing "remains a problem" affecting the further expansion of electronic transfers in an annual report on payments systems published on its website.

The central bank and financial market regulator said monthly fees are high for clients despite the relatively low number of electronic transfers they make. Making the switch to package-based pricing, in which clients pay a flat fee depending on their account package, is "indispensable" to further support the expansion of electronic payments, it added.

The MNB acknowledged that an improvement in bank clients' awareness of the scope of account products available could also reduce part of the cost of transfers, even in the short term.

The central bank noted that banks' revenue from providing financial transfer services slipped 3.5% to HUF 554 billion in 2020, due to the pandemic.

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