qvik is a new domestic payment brand launched by the Hungarian National Bank. Its essence is simple: it is built on the Instant Payment System (AFR) and allows customers to pay using a QR code, NFC touch or a mobile app payment request.

As a merchant, qvik is not just a "modern mischief", but a strategic advantage. While with a bank card payment, your money often travels for days before it arrives in your bank account, with qvik - if the payment service provider supports it - this happens within 5 seconds at most. In addition, transaction costs can also be friendlier than in the case of traditional bank card payments.

qvik is available in four different forms:

QR code: The simplest. It is generated by a cash register or POS terminal or a webshop with the given amount, which the customer scans with their mobile banking application and approves.

NFC (Touch): If you have a physical store, the customer just touches their phone to the terminal, exactly as if they were paying with a card. Then the amount to be paid appears on the customer's mobile banking app on their phone, which they only have to approve.

Payment request: Ideal for subscription services. You send a notification to the customer's banking app, which they pay with an approval.

Deep link: In webshops, by clicking the payment button, the phone automatically opens the banking app, and the customer can approve the transaction.

The “payment request” option stands out from the above, because this convenience has not really been available with other solutions until now. A payment request is nothing more than a standardized, digital message that the beneficiary (seller or service provider) sends to the bank account of the paying party (buyer). Unlike traditional wire transfers – where the buyer has to type in the data – the process is reversed: the merchant “requests” the exact amount, and the buyer only has to approve it.

How does the process work?

The simplicity of the transaction is based on the complex but lightning-fast communication that takes place in the background:

Request creation: The merchant (for example, a webshop or utility provider) generates the payment request. To do this, it needs the buyer’s secondary identifier (email address, phone number) or bank details.

Instant notification: The buyer’s mobile banking application immediately indicates (in the form of a push message) that a payment request has been received.

Verification and approval: The user opens the application, where they see the pre-filled data (amount, beneficiary name, message). There is no need to manually record data, so the possibility of errors (typing) is excluded.

Transaction and settlement: After approval (via biometric identification or PIN code), the bank initiates an immediate transfer. The amount arrives at the merchant within 5 seconds, 24 hours a day, every day of the year.

Qvik (AFR-based instant payment) – From a merchant’s perspective

Qvik is a real milestone in the world of electronic payments in Hungary. From a merchant’s perspective, it is not just another logo at the checkout, but a cost-effective and more modern alternative to card payments, which is based on the Instant Payment System (AFR).

Here are the most important aspects that are worth paying attention to:

Instant liquidity: While bank card transactions can take days to settle, with Qvik - if supported by the payment service provider - the purchase price arrives in the business’s bank account within a few seconds.

Lower costs:: Qvik transaction fees can be more favorable than traditional card acceptance, as there are no international card company fees. Moreover, the legal environment also provides an exemption from transaction fees. In addition, Qvik is legally free for all retail customers. Posnavigator.eu helps you compare the costs of services!

Simple integration: If your business wants to display Qvik QR and generate payments in this way, it is necessary to conclude a contract with a payment service provider (so-called sub-aggregator*).

Security: Since the payment is made within the customer's own banking application, the merchant and the customer do not have to handle or store sensitive card data. There is no "chargeback" in the classic sense with Qvik. During a Qvik payment, the customer approves the transaction in their own mobile bank with strong customer authentication (FaceID, fingerprint or PIN). Since he initiates the transfer himself, the transaction cannot be denied afterwards. This means that one form of card fraud is the unlawful chargeback request (friendly fraud), which is technically impossible with Qvik.

However, if, for example, the customer cancels the purchase or the product is defective, you as a merchant can initiate a chargeback. This is just as fast as the payment itself.

Legal compliance: In Hungary, merchants who are required to use online cash registers are required to provide consumers with the option of electronic payment and its continuous availability. Qvik complies with this, so if for some reason you do not want to provide card acceptance to your customers (which, believe me, is a very bad idea), you can also check this requirement by introducing Qvik.

For the customer, paying with Qvik is always free.

How much does it cost you?

Typically, you can expect a low, fixed percentage fee, which is usually more favorable than accepting cards.

However, evaluating these is not easy, different service providers apply different pricing strategies:

Some define a simple fixed and percentage transaction fee

Some, similar to bank card interchange++ pricing, break down the costs into their own and third-party fees: you can read about interchange++ pricing here: https://posnavigator.eu/hu/user/blog/mit-jelent-az-interchange-plusz-plusz-arazas

Some also define one-time entry fees and monthly fees per terminal (based on the number of physical POS devices, web stores).

Some do not differentiate between card and Qvik transactions in terms of pricing.

You do not have to look through all the advertisements for each bank: POSnavigator presents in detail and even compares each financial service provider what costs you have to expect, thus making the choice transparent for you.

Although qvik is still new on the market and many people are unfamiliar with it or have no experience using it, the lower price might be worth it for you to take part in educating your customers. If they learn the new payment method, they will be more likely to use it next time, saving you money in the long run!

When should you implement qvik? – Situations where the new payment solution is your best business partner

qvik does not necessarily want to replace your existing solutions, but rather provides assistance where traditional methods have been difficult or expensive.

Let’s look at the specific situations where implementing qvik is the smartest business move!

1. Invoicing and advance payments: Accuracy, without errors

If your business works with fee requests, advances or service fees, qvik’s “Payment Request” function radically simplifies administration.

No hassle: The buyer does not have to manually enter the amount or the long account number. By accepting the request, all data is automatically filled in.

Instant fulfillment: Since the credit is made within 5 seconds, you do not have to wait for bank statements. As soon as you see the successful payment, you can start the service or delivery.

2. High-value sales: Where the commission is no longer negligible

Do you run a furniture store, operate a car repair shop, or work in private healthcare? When the value of transactions reaches hundreds of thousands or millions of forints, the cost structure increases.

More favorable fees: The percentage commission that is customary for bank card payments adds up to a serious item for a large purchase. Introducing qvik can bring significant savings here, as its remuneration is much more favorable for the merchant.

B2B benefits: An elegant and fast solution for business-to-business (B2B) payments, replacing slow, manual transfers. Accepting corporate bank cards is often very expensive, in such situations qvik can be much more favorable, and the parties are also exempt from the transaction fee.

3. Mobile and on-site sales: Without a terminal, free

Do you market, participate in festivals, or work as a mobile specialist? With qvik, your phone becomes the cash register, and you don't necessarily have to accept bank cards.

Minimal infrastructure: You don't need to rent or charge a POS terminal. A payment code displayed on your phone immediately enables you to accept electronic payments.

Instant liquidity: You don't have to wait for the end of the bank settlement cycle, the money is immediately transferred to your business account.

4. Liquidity-critical businesses: Money in your account, immediately

Many SMEs and sole proprietors struggle with waiting days for their money after card payments.

Continuous cash flow: With qvik, there is no weekend or holiday waiting. You can transfer your Sunday afternoon income to your supplier or pay your current utility bills from it on Sunday afternoon.

Plannability: You have immediate control over the incoming amounts, which helps maintain the daily financial balance of your business.

What are the disadvantages of qvik?

Although qvik is revolutionary in many ways, it is not suitable for every situation and every customer group. Before you jump in, it is worth considering the following:

1. The majority of customers use bank cards: the majority of your customers are used to bank cards, many of them are only familiar with it. If the convenience of your customers is important to you (it certainly is), then treat qvik as an additional service, not a replacement for bank card payments.

2. It only plays on the domestic market: qvik is based on the Hungarian Instant Payment System (AFR). This means that only customers with a Hungarian bank account can use it. If your business mainly relies on foreign tourists, they will unfortunately not be able to pay with qvik - they will be left with the traditional bank card.

3. For example, Revolut and Wise are out (for now): Although many Hungarian customers use these fintech providers, qvik is not yet available in the apps of "international" neobanks. If most of your customers pay with a Revolut card, qvik will not be an option for them.

4. Requires active participation from the customer: While a single tap is enough for a bank card (or Apple Pay/Google Pay), with qvik the customer:

Has to log in to their mobile bank.

Has to scan the code (or touch the phone).

Has to actively approve the transaction (with biometric identification or PIN code). This may take a few seconds longer at the checkout than a lightning-fast card tap.

5. Educational challenge: Since the system is new, you or your salespeople sometimes have to explain what it is while standing at the checkout. "No, no card needed, just the bank app" – this requires some patience and extra energy from sellers at the beginning, until customers get used to the process.

How can you use the qvik solution?

Implementing qvik is not rocket science, but it does require some preparation depending on the type of your business.

1. Search POSnavigator to see which payment service providers offer this service

In the “Offers” menu, select “qvik instant payment” during the questions asked, so the system lists the service providers that offer such a solution.

Several service providers make this available separately, others only offer it together with the bank card payment service, but there are also offers that only support the qvik service.

Some service providers’ pricing is publicly available (so POSnavigator can also take it into account), other service providers only provide individual prices upon separate request for a quote.

2. Choose the method that is right for you

Find out thoroughly about the solutions operating at the given service provider: qvik is still new and under continuous development, not all service providers offer the same convenience. For example:

Some providers may support NFC-based (touch) payments, while others only allow you to initiate a transaction by reading a QR code.

Some providers provide a separate mobile application for merchants to initiate payments, while others can also solve this using the existing POS terminal.

3. Technical settings and contract

If you have agreed with your bank (or an independent payment provider), implementation can begin.

Physical store: Use a separate mobile application in the store, cash register integration or software update on the POS terminal.

Webshop, billing system: Connection via API or update of the existing payment gateway.

4. Inform your customers!

qvik is still new. It is worth putting up stickers or providing a short information in the webshop that this is a safe, Hungarian-developed payment method that does not require registering a bank card – the mobile app is enough.

In summary: qvik is a brilliant tool for serving Hungarian loyal customers and reducing your costs, but it does not yet replace bank card acceptance 100% – especially because of foreign customers – but rather complements it.

*The qvik-QR can only be generated by payment service providers falling under Sections 87 (a)-(g) of the Hungarian Banking Act. These institutions have the exclusive opportunity to contract with the central party (GIRO), thereby becoming so-called sub-aggregators. Sub-aggregators can create data formats initiated by the Unified Data Entry Solution (EAM), i.e. qvik-QR, qvik-NFC and qvik-LINK. The list of current sub-aggregators can also be found on the MNB website.