The ecommerce market in Hungary has grown to 200 billion Hungarian forint or 640 million euros in 2013. The total retail industry in Hungary is worth 224 billion euros, which makes the ecommerce industry account for 3% of total retail sales. That is still below the average European online share of total retail, which was 8.8% in 2012.
MasterCard and OTP Bank Hungary announced OTPay, the first digital wallet in Europe to leverage the MasterPass API. It provides cardholders the opportunity to shop and pay at 30,000 MasterPass accepting merchants worldwide. And with the associated app, customers can pay bills online, top up their prepaid or make person to person transactions.
Annual growth of ecommerce sales in Eastern Europe outpaced that of Western Europe by 13 percentage points in 2012. For this current year a double digit growth above 20% is expected, although this growth is likely to decrease by 2017. But although Eastern Europe grows faster than Western Europe, the latter is still the one accounting for most of ecommerce sales in the whole of Europe.