Mastercard partners with Czakó Farmers’ Market to enable traders to go digital

June 14, 2022 | By Megan Bjoko
New partnership enables majority of market traders to accept cashless payments with long-term plan to expand to all stalls

Budapest, 11 June 2022 – Mastercard and Czakó Farmers’ Market have today announced that they are collaborating to enable shoppers to make cashless payments at the stalls. This includes instant transfers, QR code payments, mobile payments, and payments via traditional bank cards. The capability has so far been rolled out the majority of market traders.

“We started Doppo – our infrastructure development programme – to replace traditional point-of-sale terminals with a solution that meets traders’ everyday needs. Many MPOS are available nowadays, but the Telefonterminál solution also enables Android phones and tablets to be used to accept card payments,” said Ferenc Szász, Mastercard’s Business Development Director. “We see that the current variety of available solutions is accelerating the uptake of digital payments, as businesses have choice. As such, for them, this development is an opportunity rather than an obligation.”

To use Telefonterminál, a trader just needs to download an app on their smartphone and the device will be ready to accept digital payments within minutes. A customer will then be able to make contactless payments by just touching their phone, card, or other eligible device against the trader’s smartphone. The Telefonterminál provides a quick and inexpensive solution specifically for small businesses, as it can be implemented easily and does not require additional hardware.

“I was among the first people to download and use this app live. I often get asked whether I accept card payments. When I say yes, the customer starts to search for the device on the counter to touch with their card, watch or mobile phone. “My phone is the terminal,” I tell them while holding it in my hand. More and more people don’t use cash, so I need to prepare less small change each morning. Our old-style apple juice brings back the taste of Jonathan apples, the taste of grandma’s apple pie it is often said. It’s important for all of this to be available cashless to customers who put their trust in Csakis Apple Manufactory,” said Miklós Csáki, the head of the company.

The Czakó Farmers’ Market is a modern, innovative retail hub that aims to provide the best service to shoppers and meet their needs in a creative way. Payment methods are no exception to this. This partnership enables customers to shop easily and conveniently via electronics payment methods in a location where cash used to be king.

Digital payment options are beneficial for vendors since they are easy, convenient and quick, and they also increase customer satisfaction as there has been a demand for this solution for a long time.

Most traders say that these options are supportive as they remove the hassle of giving change for high-value notes and enable queues to move quicker. This is especially important on Saturday and Sunday afternoons. At Czakó Farmers’ Market, 90% of vendors now accept some form of electronic payment, but the goal is for all shopping to become cashless over time.   

“The Czakó Farmers’ Market is open every week. The traditional market is enriched with modern products, and on Saturday and Sunday more and more farmers come to the Tabán district’s oldest winemaker’s house. Socially-conscious, sustainable food is important both for us and for producers, so jam jars, soft drink bottles and egg boxes are returned to our farmers, and our new Czakó Farmers’ Market canvas bags are now being manufactured. Given that there are more and more producers here every week, we can’t expect shoppers to always bring enough cash with them. Our farmers have also noticed that it is beneficial to their trade when customers can pay on card readers. Instant transfers now work in many places,” said Luca Várady, Director of Czakó Farmers’ Market.

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Photo of Megan Bjoko
Megan Bjoko, Senior Communications Specialist, Mastercard

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About Czakó Farmers’ Market:

Czakó Farmers’ Market is open to shoppers on Saturdays and Sunday at Czakó Kert in District I. At the market, the local producers, most of them from close by, are encouraged by the market’s management to use environmentally-friendly packaging. They use returnable bottles and recycled, biodegradable paper bags (except for some of the meat and dairy products). The market offers products that are free from artificial colouring, preservatives and other additives, and the greengrocers endeavour to sell organic fruit and vegetables. The market is also trying to make payment green by introducing cashless digital payment alternatives.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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