The sky's the limit for payments in Poland - Towards 10 billion tx p.a
Consumers embrace card and mobile payments in Poland. The total volume of payments is expected to surpass 10 billion within next 5 years. How HCE technology, BLIK, Android Pay, Masterpass and Visa Checkout change the payments market in Poland?
Surging payments industry in Poland
Poland's payment market is growing rapidly. The total number of payments exceeded 5.6 billion as of 2016 and it is estimated to top 6.4 million in 2017. Most transactions executed in Poland involve payment cards and the share of cards in total payments exceeded 57%, corresponding to over 3.2 billion transactions in 2016. The fast growth in card transactions could be attributed to increasing frequency in card use and a gradual displacement of cash.
Mobile and Online payments
Introduction of NFC-HCE mobile payments by major banks in Poland and subsequent entry of Android Pay has initiated a rapid growth in mobile payments. The number of HCE/NFC cards jumped to over 400k as of Q2 2017 and the number is likely to double until the end of the year. Also, the domestic mobile payment scheme, developed by a group of banks lead by PKO, has registered a strong growth in transactions and finished the 2016 year with nearly 8 million transactions.
The growth in payment volumes in Poland is likely to continue as will the role of cards in overall payments. Thanks to the proliferation of POS terminals and alternative payment solutions, in particular, in sectors where they have not been applied before, e.g. in public administration, the Post Office, local authorities and in smallest stores etc, cash will continue to be displaced. Assuming that no change in current trends will occur, the total volume of payments in Poland is likely to reach 10 billion transactions within next five years.
For more on the topic please check the report: Payments in Poland: http://www.inteliace.com/