Budapest Business Journal is reporting the national mobile payment system for Hungary will launch on time this fall despite issues over loans meant to pay for developing the network.

The system, announced earlier this year, is run by state-owned Nemzeti Mobilfizetési and has faced some challenges in funding. It was recently denied an HUF 800 million loan ($3.52 million) from Hungary's Public Procurement Arbitration Board.

Nemzeti Mobilfizetési said necessary development to build out the payments system will still begin in May and will be ready for the September start date.

Intended to create a nationwide, standardized system, the Hungarian mobile payment system will offer mobile payments for transportation fees like tickets, parking fees and motorway stickers, the article said. The full system will be rolled out between 2014 and 2017.

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