The changes in March 2020 and in the following period have undoubtedly had a major impact on the Hungarian economy. At the beginning of the month we reached a milestone in payments in this country as instant payment services were launched on 2 March. It coincided-almost to the day-with the appearance of the COVID-19 pandemic in Hungary (the first registered case was published on 4 March). Market players expected the implementation of the Instant Payment System to cause an increase in the number of transfers, a reduction in cash use and a boost to the economy, while the restrictive measures introduced in response to the virus situation might have exerted an adverse effect on most areas of business life. In this study the authors investigate how those opposite effects were reflected in the figures of the Interbank Clearing System in the period from the beginning of March to the end of June 2020.
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