The social and political climate towards Online Banking Services is neutral..
Account Information Service Providers (“AISP”) and Payment Initiation Service Providers (“PISP”) are regulated by PSD 2 which will be implemented into the Hungarian law by the beginning of next year.
According to PSD 2, AISPs will need to be registered and PISPs will need to get a license from the regulator. Both the AISPs and PISPs will be obliged to have professional insurance coverage and PISPs will need to have a regulatory capital of EUR 50,000.
Almost all of the biggest Hungarian banks (OTP, UniCredit, MKB, etc.) offer online banking services which can be used to: access account information, review and pay bills, transfer funds, apply for credit, recharge prepaid services, e.g.: mobile phones and foreign exchange transfers. The service fee is lower than the traditional paper-based service fee and you can use these services 24 hours a day.
On the startup scene, Barion is one of the most important Hungarian based companies which offers a platform for P2P money transactions. On the market of e-wallets, an important Hungarian startup is Buxa which offers P2P payments, e-wallet and an online clearing system. EM3 is a cloud computing solution that enables real time transactions.