qvik instant payment

qvik provides payment within the Instant Payment System (IPS), known as Azonnali Fizetési Rendszer (AFR), of the Magyar Nemzeti Bank by scanning a QR code, approving a payment request, NFC-based touch, or clicking on a deep link within a mobile application. Offering the same fast and secure payment experience as credit card systems for both purchases and bill payments, qvik can be free for consumers and cheaper for merchants compared to previously known payment methods. The use of qvik ensures payment security, as the service is operated by Hungarian companies, and users' data remains within the country's borders.

The introduction of qvik is a significant step in the digitalisation of the Hungarian financial sector. The system, created with the support of the Hungarian National Bank (MNB), aims to provide an easy-to-use electronic alternative in all payment situations. For consumers, qvik is free of charge, while for merchants, it may entail lower costs compared to traditional card payments. This will facilitate the spread of digital payments and increase the efficiency of financial transactions in Hungary.

qvik is only present on the Hungarian market. Several other countries have similar domestic instant payment solutions: the Swedes use Swish, the Swiss have Twint, the Poles use Blik, the Slovenes use Flik, and the Brazilians have PIX.