At the closing roundtable of the Portfolio Banking Technology 2026 conference, senior banking executives agreed that technology competition is the main force shaping the future of payments in Hungary: digital wallets, instant‑payment based services and AI‑driven payment concepts are advancing simultaneously, while regulatory constraints continue to limit the competitiveness of Hungarian banks.
The session was moderated by Sármay Bence, who leads Visa's operations for Hungary. Participants included Ákos Tamás, Deputy CEO for Standard Services at MBH Bank; Harmati László, Deputy CEO of Erste Bank; Máriás Endre, Head of Daily Banking Tribe at OTP Bank; and Rajna Gábor, Deputy CEO for Retail at Raiffeisen Bank.
Digital wallets and the maturity of consumer technologies
Ákos Tamás argued that many consumer‑facing payment technologies have already matured. In Hungary, Apple Pay and Google Pay dominate the digital wallet market, and replacing them would likely require coordinated action across the banking sector rather than isolated bank projects.
Concrete innovations at banks
Panelists cited recent, tangible projects:
- Harmati László (Erste Bank) highlighted a card migration project as a significant digitalisation achievement.
- Máriás Endre (OTP Bank) pointed to the money‑request feature in account‑to‑account transactions as a forward‑looking innovation, with early results validating its impact.
- Rajna Gábor (Raiffeisen Bank) singled out the introduction of 24/7 foreign‑currency exchange as a key recent development.
Regulation, the transaction levy and cash
The transaction levy was a central topic. Harmati noted that the levy generates about HUF 620 billion in annual revenue for the central budget, which makes its removal politically and financially difficult. He warned that the continued existence of the levy burdens both banks and customers and undermines competitiveness in globalised markets.
Máriás raised the issue of cash holdings, saying roughly HUF 10,000 billion of cash is held in Hungary and that reducing cash would be beneficial for the broader economy. He criticised the decision to raise the fee‑free cash withdrawal limit to HUF 300,000 as contrary to cash‑reduction goals.
Harmati also voiced criticism of the Qvik system’s current design, noting banks have long suggested rethinking whether it truly serves customers' interests.
PSD3 and the AI challenge
Panelists warned that European rules, including PSD3, may not adequately address new topics such as AI in payments. Harmati argued regulators are still responding to older questions while technology has moved on, creating a risk that freshly issued rules will already be outdated upon arrival.
Agentic pay: AI agents in payments
A major topic was agentic pay — AI agent‑assisted and partially automated payments. Harmati said the stronger the AI revolution and the more robots appear in banking processes, the more important this area will become; so far AI has primarily been used for fraud prevention.
Máriás noted that in the era of digital banking, long‑term risks and opportunities from AI are already visible: in e‑commerce, basket sizes may rise while checkout drop‑off could fall in the agentic era. Rajna was more optimistic about agentic pay adoption but stressed the importance of well‑functioning limits, controls and security mechanisms so customers do not have to choose between convenience and safety.
Ákos framed AI’s effect at a systems level: it should not be seen only as a series of small bank projects because the technology can fundamentally alter labour and organisational structures at large scale.
Neobanks, Revolut and incumbents
The role of neobanks — particularly Revolut — came up as a market mover. Rajna said neobanks have forced innovation, ultimately benefiting consumers, and that market dynamics now show convergence rather than clear antagonism: neobanks and incumbents increasingly coexist across many service areas.
Máriás accepted that neobanks still lead in some use cases (notably foreign currency exchange and cross‑border payments), though the gap is narrowing and traditional banks must address perceptual disadvantages. Ákos warned that if Revolut were to list in 2027 with a US$200 billion market capitalisation, it would pose a serious positioning challenge to many incumbent banks that have never reached such valuations.
Closing observations
Panelists agreed that digital wallets, instant payments and AI are accelerating change in the payments market, but that regulatory choices — above all the transaction levy and cash‑related policy decisions — will strongly shape how effectively the domestic banking sector can respond. A predictable regulatory environment and constructive dialogue between banks and regulators were identified as essential for enabling long‑term investments and maximising consumer benefits.
