Instant payment service via QR code

Does it have some requirements for my customers?

What is the Instant payment system?

The Instant Payment System launched by the Hungarian National Bank is an electronic payment infrastructure that ensures the process of domestic transfers. Transfers are done on all days of the year, 24 hours a day, within a maximum of 5 seconds, all up to a limit of 10 million HUF. Thanks to the system’s structure, the transfer can be used as a fast payment method for time-critical purchases at the checkout

How does it work?

The merchant enters the amount to be paid as well as any discounts.
The POS terminal then generates a QR code. The code in accordance with the MNB standard contains accurate data for the purchase – which is essential for its identification.
The customer reads the QR code from the terminal screen using the mobile banking application or the 4SPEND application.
A payment summary will appear in the app, which will be approved by the customer.
The POS terminal will be notified of the result of the transaction within 5 seconds.

Step 1
The merchant enters the amount to be paid as well as any discounts.

Step 2
The POS terminal then generates a QR code. The code in accordance with the MNB standard contains accurate data for the purchase – which is essential for its identification.

Step 3
The customer reads the QR code from the terminal screen using the mobile banking application or the 4SPEND application.

Step 4
A payment summary will appear in the app, which will be approved by the customer.

Step 5
The POS terminal will be notified of the result of the transaction within 5 seconds.

The 4SPEND’s instant payment service via QR code can be used for our partners with a more favorable acceptance fee compared to the credit card payment method. With this payment method, our partners can save transaction costs.
Our service is also suitable for merchants with online cash registers who are required to provide electronic payment from 2021.

*For information of the start of the instant payment service, please contact us.

From my customers, who can use it?

In the case of transactions under 10 million HUF, anyone can use the service who has a HUF-based payment account and a mobile banking application suitable for reading the QR code or the 4SPEND mobile application installed on the phone.

Does it have some requirements for my customers?

In order to use the service, the customer needs:

mobile banking application / 4SPEND application
enough funds to cover the transaction on their accounts
a mobile phone capable of reading QR codes.