Hungary’s payments Fintech Agora Pay has introduced a smart payment acceptance service for the nation’s markets. It utilizes PAYSTRAX’s payment infrastructure and wide network of payment connections.
The solution is described by Agora Pay as being highly efficient, cost-effective and it also leverages PAYSTRAX’s direct VIBER and SWIFT connections to MNB, the reserve bank of Hungary, with PAYSTRAX being the first Baltic region financial institution to form such a connection.
With Agora Pay’s smart payment acceptance service, Hungarian merchants are able to accept Visa and Mastercard card payments independent of banks, with quick delivery of payments and transparent pricing.
The card payments are taken via an intuitive, user-friendly app through pocket-sized mini terminals, which are quite convenient and accessible for SMEs. Utilizing Agora Pay’s and PAYSTRAX’s onboarding model, merchants are digitally onboarded within 3 business days on average. They don’t have to pay monthly charges or any extra sign-up fees.
The payment acceptance solution from Agora Pay is PCI-DSS compliant, and with PAYSTRAX’s Principal Membership License with Mastercard and VISA, it can take all card types and European currencies, including the Hungarian Forint, which serves as the clearing and settlement currency.
The Fintech firm’s management notes:
“Agora Pay is an innovative Hungarian payment technology provider that makes life easier for Hungarian businesses with the smooth introduction of bank card payments. The solution we have developed combines Hungarian developer expertise, knowledge of the domestic payment market and a passion for up-to-date, modern technologies. We believe in continuous improvement, simplicity, transparent pricing, but most of all we consider it our personal mission to make smart bank card acceptance available to anyone with the help of the Agora Pay solution.”
As reported in May of last year, Hungary’s reserve bank had said that Fintech adoption is relatively slow, as most consumers were still using cash. But this may have changed now since many more people are adopting online payments or performing contactless transactions in a post-COVID business environment.