Draft:Qvik
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| qvik | |
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| Established | 1st September 2024. |
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Qvik is the brand name of the instant payment overlay service created by Magyar Nemzeti Bank (Hungarian National Bank). qvik was designed to enable the payer to be able to pay for goods and services in almost any payment situation - including (but not limited to) point-of-sale, e-commerce, printed invoice, in-app payments.
When using qvik the payer launches an instant payment by reading a QR code, or approving a payment request, or using NFC contact, or taping a link in a mobile application (deep link). In case of QR code, NFC and deep link the data transmitted is independent of the transmission technology, leverages the unified data entry method (UDE), a deliverable of Capsys Informatics Ltd's research and development project.
The creators of qvik had considered several criteria:
- Easy to use
- Quick
- Secure
- Reliable
- Reasonable pricing
- Widespread technology
Beyond data entry, qvik also regulates the complete lifecycle of the payment: how the payee is notified and transactions are completed, how errors should be handled and also defines a workflow and responsibilities in terms of how payers complaints should be handled.
As a result of a two years long collaboration of several actors (including GIRO Zrt, commercial banks, acquirers, merchants and others) in Hungary, qvik was launched on the 1st of September 2024, meeting the above criteria..[1][2][3]
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.[4]
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 global electronic retail payment market shows high concentration on card based payments.[5] Several countries, including Hungary have launched their instant payment system, creating a reliable and quick infrastructure for account to account payments. Prior to instant payments, most payment innovation was based on the existing card infrastructure. In principle a card payments mechanism is that the payer (customer) entitles the payee (merchant) to collect the funds on payer's behalf from payer's bank.[6] Usage of instant payments however enables the payer to instruct the payer's bank directly to make the payment. Internet has become ubiquitous, smartphone and mobile applications penetration has reached significant levels and is on the rise, all these factors have paved the way for a new payment method.
Capsys Informatics Ltd. had launched in 2020 a research and development project with the title "Creating a unified digital payment platform based on instant payment infrastructure to serve the Hungarian and unified European payment ecosystems, and integration of payment initiation options into one system" (2020-1.1.2-PIACI-KFI-2020-00044). The had been successfully completed. One of the key results of this project was the definition of unified data entry method, whereby the same URL can be passed via QR code and/or NFC signal and/or a deep link, this way creating a unified user experience for the payment flow regardless the payment situation and device used by the payee (merchant)[7]
MNB considered it a strategic task to work with GIRO and banks to create a Hungarian electronic payment solution that would add options beyond cash and 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 quick, cheap and secure Hungarian alternative payment option. Introduction of such a payment option requires widespread development of the ecosystem - in case of qvik consumers encounter credit transfer-based digital payments in stores and online as well. 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, which may have a positive impact on the competitiveness of the economy in the medium term.[8] 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.[9]
Usage of qvik
[edit]At the entrances of stores, on cash registers, in addition to the previous payment methods, the characteristic brand logo[10] referring to instant payment has appeared. This indicates that qvik, instant payment, is available at the given location.[9]
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 can
- display or print a unique QR code,
- use NFC to transmit payment data,
- provide a payment button or deep link (URL) on buyer's mobile device (i.e. in an app or website),
- send a payment request to the paying party, the buyer
which contains the payment details. Regardless the transmission technology being QR code, NFC or deep link, the URL is capable of launching an app that is linked to the domain name in the URL (Universal linking or app link). The buyer approves the payment details using their mobile device and the app provided by payer's bank, after which the merchant receives the amount. The qvik payment is processed according to the rules of instant payment.[11]
qvik at merchants and corporations
[edit]One of the impacts of the introduction of qvik is that is generates competition in the payment market. As previously the majority of digital payment solutions relied on the card infrastructure, pricing of these solutions were influenced by a few actors. Instant payment based solutions are independent from some of those actors, hence it is anticipated that such competition will result in lower merchant fees.
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.[12] 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 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= - ^ "Újabb szintugrás jön a digitális fizetéseknél Magyarországon – úton a qvik!". Portfolio.hu (in Hungarian). 2024-06-11. Retrieved 2024-09-10.
- ^ Bank, European Central (2025-01-30). "Payments statistics: first half of 2024".
{{cite journal}}: Cite journal requires|journal=(help) - ^ "How Credit or Debit Card Payment Processing Works | Merchant Payment Processing". sea.mastercard.com. Archived from the original on 2025-05-14. Retrieved 2025-07-01.
- ^ Kiszely, Róbert; Czimer, József; Biró-Lebovits, Máté (2024). "How the instant payment central infrastructure can be a payment solution at the same time — the Hungarian example". Journal of Digital Banking. 9 (3): 259–272. doi:10.69554/MMUY1758.
- ^ 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". www.mnb.hu (in Hungarian). Retrieved 2025-07-01.
- ^ "Qvik fizetés". www.otpbank.hu (in Hungarian). 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.