Transaction-based pricing ‘remains a problem’ – MNB
Friday July 16, 2021, 8:30 AM
Photo by Adriana Iacob / Shutterstock.com
The National Bank of Hungary (MNB) said transaction-based pricing “remains an issue” affecting the further expansion of wire transfers in an annual report on payment systems published on its website.
The central bank and the financial markets regulator have said monthly fees are high for customers despite the relatively low number of electronic transfers they make. The move to flat-rate pricing, in which customers pay a fixed fee based on their account package, is “essential” to further support the expansion of electronic payments, he added.
The MNB recognized that better knowledge by bank customers of the scope of account products available could also reduce some of the cost of transfers, even in the short term.
The central bank noted that banks‘ income from providing financial transfer services fell 3.5% to HUF 554 billion in 2020, due to the pandemic.
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