Home Latest Feeds Technology News Here are the innovations for merchants looking for a payment solution

Here are the innovations for merchants looking for a payment solution

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Here are the innovations for merchants looking for a payment solution

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Electronic payment is not only in the interest of customers, but also of businesses, it is one of the guarantees of their success.

The popularity of electronic and mobile payment solutions among users and entrepreneurs is growing unstoppably, based on the MNB’s 2023 payment report, electronic payments increased by 5-6 percentage points ratio. Accordingly, OTP Mobil continues to develop its range of services according to needs: from February 2024, all business payment solutions will be available on a single interface under the brand name SimplePay, and the contract conclusion process will be fully online for all products.

The number of electronic and mobile payments is constantly increasing, the number of transfers, card purchases and acceptance points all increased last year, while the number of cash withdrawals decreased. For mobile wallet solutions, it was measured in the third quarter of 2023 the greatest expansion, by 14 percent. Today, it is natural to pay with a card – in several ways – you can do business, shop, and buy a parking ticket in applications.

At a time when the number of people using mobile and electronic payments increased many times, OTP Mobil continuously maintained its leading position on the Hungarian market. By the end of last year, the turnover of the SimplePay online payment system operated by the company had increased by 53 percent compared to the year 2022, and the number of transactions exceeded one hundred million in 2023. The solution is used in almost all segments of the domestic business world, from the largest national service providers to small start-ups. SimplePay now has more than 27,000 acceptance points (acceptance points using online payment, Telephone POS and POS terminal products in total).

The Telefonos POS service (previously known as SimpleBusiness) was launched two years ago in order to serve the needs of merchants. In 2023, the number of people joining the solution tripled compared to the previous year, so a total of more than 3,700 partners now provide the opportunity to pay electronically without using a POS terminal.

“OTP Mobil, as before, continues to focus on providing efficient service to its partners, so this year we are unifying the range of Simple solutions and making them available under the SimplePay brand name. Thus, merchants and service providers can use a POS terminal, Telephone POS solution and Online payment they can also request from one place. We also make the end-to-end online contract process available for all products, so that our future partners can introduce our electronic payment services even more simply and conveniently,” said Dr. Al-Absi Gáber Seif, the company’s executive deputy, head of the commercial and SimplePay business.

By making the online contract process available for all three payment solutions provided within the framework of SimplePay, merchants in OTP Mobil’s portfolio can access payment solutions for all their needs from one place, with simple, online administration of the entire process. Moreover, there is no need to take photos of documents or electronic signatures, just to record the data, so the process can be much smoother.

OTP Mobil, which together with OTP Bank offers integrated, wide-ranging payment solutions, was able to become the leading payment solutions provider in the domestic market with its leading solutions. OTP Mobil is convinced that electronic payment is not only in the interest of customers, but also of businesses, and is one of the guarantees of their success.

Recently, these solutions have also been awarded – the OTP Mobil Telefonos POS (formerly known as SimpleBusiness) application won the Website of the Year competition technological solution of the Yearwhich combines the advantages of card acceptance and instant transfer without installing a POS terminal, as well as the Money Sending Solution of the Year in Mastercard’s Bank of the Year competition achieved 2nd place.

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