Digital SZÉP card, home loan APR ceiling, worker's loan and tax-free tip - this was discussed by the Minister of National Economy with the Banking Association.

Márton Nagy, the minister of the NGM, held a meeting with the representatives of the Banking Association, at which he requested the cooperation of the banks on four points. Among other things

asked the banks to reduce the APR level of housing loans below 5 percent on a "voluntary" basis,

presented the details of the "employee loan", he requests that the technical background for the tax-free tip be secured and that the SZÉP cards be digitized. The expected installments of a new 20-year home loan can be 10-15% lower than the current one, if the government's expectations are met.

The portfolio manager requests the cooperation of the banks in four points:

1. He informed the banks about the details of the worker's loan, which will provide workers between the ages of 17 and 22 with significant career start-up support in the future. The minister asked the representatives of the banks to properly prepare for the mediation of the worker's loan as soon as possible.

2. He asked the banks to reduce the APR level of housing loans below 5 percent on a voluntary basis.

3. To guarantee a tax-free tip, the appropriate technical conditions must be met. To this end, the portfolio manager asked the banks to develop the POS terminals as soon as possible, as a result of which a separate "TIP" function could be created. In this way, it will be possible for the terminal to split the bill and place the tip directly on the server's account, and the consideration for the consumption on the account of the given company.

The technical conditions for the digital practice of tax-free tipping are already provided by some Hungarian suppliers, and their full spread may require investments by the banks and IT companies that provide the terminals, as well as by the restaurants.

4. Márton Nagy finally stated that almost HUF 100 billion in free funds are currently available for the public on SZÉP cards. In order to make full use of the preferential tax benefit and to bring it into the economy, it is necessary to digitize the SZÉP cards, i.e. to make it possible for the banks to make payments via mobile phones. According to the minister, all of this can significantly encourage use.

The digital use of the Szép Kártya is still possible at one of the banks today, and based on this, the process cannot be unskippable at the other two issuing banks either.

The parties agreed that the negotiations and negotiations will continue in the future. The Minister of National Economy initiated the Banking Association to work out within two months when and how the specific ministerial requests can be fulfilled.

Source: Portfolio

Cover image: Hungarian Nation