Draft:Qvik
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| qvik | |
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| Established | 1st September 2024. |
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Qvik launches payments over the instant payment system (IPS) of Magyar Nemzeti Bank (Hungarian National Bank) by reading a QR code, approving a payment request, NFC contact, or taping a link in a mobile application (deep link). Besides providing the speed and security of card payment systems, qvik is free of charge for consumers, and significantly cheaper for merchants than the payment methods known previously.[1][2][3]
Usage of qvik ensures the security of the payment, as the system of the service is operated by Hungarian companies and user data does not leave the country.[4]
Name
[edit]In line with international experience, they aimed for conciseness when naming the payment method, as similar financial developments in many other countries are also characterized by conciseness: for example, the Swedes call it swish, the Swiss call it twint, the Poles call it blikk, the Slovenians call it flikk, while the Brazilians call it PIX.
Finally qvik was chosen from 50 different name suggestions. The initial letter “q” refers to the QR code-based payment solution that is expected to have the most weight, and “vik” comes from the sound of the English word quick, which refers to the speed of payment.[5]
The choice of name was probably intended to be playful, as the pronounced form of the letter "q" combined with the letter "vik" produces a meaningful Hungarian word: the name of a small owl species native to Hungary, the kuvik.
Creation of qvik
[edit]The Hungarian electronic retail payment market was extremely concentrated: more than two-thirds of the turnover was generated by card use. In the absence of competition, this resulted in high card usage fees for merchants and businesses. This was also confirmed by analyses that showed that the most widespread electronic payment option, card payments, was expensive for merchants, especially for small and medium-sized businesses.[6]
MNB considered it a strategic issue to work with GIRO and banks to create a Hungarian electronic payment solution that would be an alternative or competitor to card payments. As a result of the development of the financial system, the qvik service based on IPS became available to all customers free of charge on September 1, 2024.
With the introduction of qvik, MNB has created a cheap, secure and competitively priced Hungarian alternative payment option. qvik is already the stage in the development of the ecosystem in which consumers will also encounter credit transfer-based digital payments in stores and online. qvik is Hungarian in every element, thus strengthening Hungary's sovereignty. The qvik system gives further impetus to the digital transition in Hungary and is secure. Reducing online payment fraud is a financial stability issue; a stable, well-functioning financial system is the cornerstone of the economy, which promotes competitiveness.[2]
qvik is bringing about a significant change in the Hungarian payment market and significantly reorganizing the previous balance of power, which could have a positive impact on the competitiveness of the economy in the medium term.[7] qvik offers the possibility of an instant credit transfer-based digital payment in practically any payment situation, which is the first in the EU to become mandatory for banks in Hungary.[1]
The main goal of the MNB's electronic payment strategy is that by 2030 at least two-thirds of all transactions carried out in the entire economy shall be electronic.[8]
Usage of qvik
[edit]At the entrances of stores, on cash registers, in addition to the previous payment methods, the characteristic brand logo referring to instant payment has appeared. This indicates that qvik, instant payment, is available at the given location.[8]
All you need to make a payment is a smartphone, on which the application of every domestic account-holding financial institution must be able to handle the qvik transaction. When using qvik, the merchant sends a payment request to the paying party, the buyer, with a unique QR code, link, NFC or payment request, which contains the payment details. The buyer approves the payment details using their mobile device, after which the merchant receives the amount. The qvik payment is processed according to the rules of instant transfer.[9]
Specifically, during desktop payment, a QR code will be displayed to the buyer, which, when scanned, will automatically navigate to a pre-configured transfer screen in the mobile banking application. The customer can then approve the transaction with a single click. The option will be available not only in stores, but also on online platforms.[1]
When paying by mobile, an even more convenient payment experience can be ensured, as the customer is immediately redirected to the mobile banking application without having to scan a QR code, where only approval is required.[7]
Thanks to the NFC-based payment solution, in case of transactions in a physical environment, purchases can now be paid for not only with a bank card, but also by credit transfer, by simply touching your smartphone.[10]
qvik at merchants and corporations
[edit]Using qvik is no different from using a traditional card, but the process bypasses the credit card companies and therefore the higher fees they charge. This means that qvik is free for the buyer, similar to using a card,[11] but it represents a significant cost reduction for merchants and businesses. According to preliminary calculations, accepting payments through Qvik can be 10-20 basis points cheaper for merchants and businesses than accepting cards.[12]
When qvik was launched in 2024, it was already possible to pay by scanning a QR code at merchants that had a mobile card acceptance terminal: Raiffeisen had 4,000 and OTP had 2,000 such terminals at the time of the system's launch.[13] In addition, OTP had activated qvik-based payment option at 5,000 of its online merchants, gradually offered this solution at 15,000 additional merchants, and plans to introduce it at 160,000 traditional POS terminals from the beginning of 2025. [1]
Notes
[edit]- ^ a b c d Zrt, HVG Kiadó (2024-09-02). "Új fizetési mód indult, amely olcsóbb és biztonságosabb, de ugyanolyan egyszerű, mint a kártyás vásárlás – állítja az MNB". hvg.hu (in Hungarian). Retrieved 2024-09-10.
- ^ a b "Mi az a qvik? Elindult az új fizetési megoldás". hirado.hu (in Hungarian). Retrieved 2024-09-10.
- ^ Anikó, Urbán (2024-09-02). "Megérkezett a qvik fizetés! – Az MNB bejelentette az új hazai digitális fizetési megoldás elindulását". https://fintechzone.hu/ (in Hungarian). Retrieved 2024-09-10.
{{cite web}}: External link in|website= - ^ "Elindult a QR-kódos fizetés, amivel jobban járnak a magyar kereskedők". telex (in Hungarian). 2024-09-02. Retrieved 2024-09-10.
- ^ "Újabb szintugrás jön a digitális fizetéseknél Magyarországon – úton a qvik!". Portfolio.hu (in Hungarian). 2024-06-11. Retrieved 2024-09-10.
- ^ "Újabb szintugrás jön a digitális fizetéseknél Magyarországon – úton a qvik!". Portfolio.hu (in Hungarian). 2024-06-11. Retrieved 2024-09-10.
- ^ a b Magyar Nemzeti Bank (2024-09-02). "A Magyar Nemzeti Bank bemutatja a qvik fizetési megoldást".
{{cite journal}}: Cite journal requires|journal=(help) - ^ a b "Újabb szintugrás jön a digitális fizetéseknél Magyarországon – úton a qvik!". Portfolio.hu (in Hungarian). 2024-06-11. Retrieved 2024-09-10.
- ^ "Qvik fizetés". www.otpbank.hu (in Hungarian). Retrieved 2024-09-10.
- ^ "qvik". SimplePay (in Hungarian). Retrieved 2024-09-10.
- ^ információ, TF- (2024-09-02). "MNB: sikeresen elindult az új fizetési megoldás, a qvik". Tőzsdefórum (in Hungarian). Retrieved 2024-09-10.
- ^ "Elindult az új magyar fizetési rendszer, kereskedők ezreinél jelent meg a qvik". Portfolio.hu (in Hungarian). 2024-09-02. Retrieved 2024-09-10.
- ^ money.hu (2024-09-06). "Erős kihívója lett a bankkártyának: elindult a QR-kódos fizetési rendszer". money.hu (in Hungarian). Retrieved 2024-09-10.