What is behind surging mobile payments in Poland ?

WARSAW, Poland - Dec. 6, 2016 - PRLog -- "Poland's payment market has experienced an explosive growth during recent years. The number of card payments has more than doubled since 2013 and it has exceeded 3 billion by 2016" said Marcin Mazurek, director of Inteliace Research, during a presentation of Inteliace's latest report, Payments in Poland, 2016.

As consumers embraced card payments, Poland advanced to top six European markets by the number of transactions. The key factor of surging use of cards in Poland are contactless payments. This has been possible thanks to acquirers and scheme owners promoting state-of-the-art payment infrastructure and thanks to issuer banks offering payment cards with contactless functionality.

However, growth in payments could not be attributed to card payments only. Poland is nowadays among global leaders in payment innovation with multitude of schemes and technological solutions being offered to customers, including ACH based schemes, specialized sector or service focused payment solutions, merchant-sponsored systems and universal wallets to mention only the major ones.

One should also notice first local applications of blockchain technology and the leading cryptocurrency – bitcoin, in payments in Poland. While trading in cryptocurrencies is already very well developed, there are also first acquirers and a group of merchants accepting bitcoins locally. The use of blockchain technology is still marginal in Poland, however, it is set for a fast growth.

BLIK is an interesting example of a local payment scheme backed by few major banks and based on ACH real-time settlements. BLIK has managed to challenge global players by offering competitive advantages to clients, in particular within online payments, P2P and ATM transactions.

The market-leading standard for mobile payments is likely to evolve itself within next five years. It could be assumed that the new standard will be based on payment cards and HCE/NFC technology rather than on ACH.

For more on the topic please check the report: Payments in Poland : http://www.inteliace.com/en/00151_Payments_in_Poland_2016.html

About The Report

"Payments in Poland, 2016" is a comprehensive publication about the payments sector in Poland. It describes the present market structure and recent trends in the market and also provides an overview of emerging trends and technologies in payments. Analysis covers various statistics on card payments, cash transactions and the whole spectrum of other payment methods nowadays accepted by merchants in Poland. Publication offers an overview of current innovations in payments market, including: new technologies, key players and merchant survey results.  Report contains also company profiles of major players in payments in Poland as of 2016. Sample pages from the report can be found directly at Inteliace Research's webpage.

About Inteliace Research

Inteliace Research is an independent consulting company that focuses on the financial markets in Central and Eastern Europe. Inteliace Research specializes in management consulting and custom research services, including market-entry strategies, product launches, and performance and benchmarking analyses.

During 2005–2016, Inteliace Research provided its products and services to more than 60 clients, including major CEE banks and several "The Banker" top world banks. To learn more about the company, visit Inteliace Research's webpage: www.inteliace.com.

Inteliace Research, Foksal 17B/31, 00-372 Warszawa, POLAND

Tel. +48 22 408 66 20Tel. +48 502 512 178. Fax. +48 22 349 21 40