The Cards and Payments Industry in Poland Displays Prominent Growth in Contactless Payments and Anticipated to Reach 33.6 Mn by 2020

Posted on 2017-07-24 by Mark Hub in Accounting // 0 Comments

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Albany, US, 2017-Jul-24 — /EPR Network/ — The continuous technological development and growing expectations of faster payment methods have led to the development of new payment solutions in the form of mobile payments, contactless payments and immediate payments systems. A new study, with the purpose to determine directions for the development of the payment cards market in Poland, has been recently broadcasted to the wide database of Market Research Hub (MRH), which is titled as “The Cards and Payments Industry in Poland: Emerging trends and opportunities to 2020”. As per the findings, contactless payments are gaining prominence in Poland with all major banks including PKO Bank Polski, mBank, Bank Zachodni WBK, and Bank Pekao now offering contactless cards.

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The report offers powerful market analysis, facts and insights into the Polish cards and payments industry, including current and forecast values for each market in Poland cards and payments industry, including debit, credit and charge cards. Additionally, the study includes an overview of the country’s key alternative payment instruments. Major payment instruments in the market include credit transfers, cheques, cash, direct debit and payment cards.

Moreover, e-commerce market analysis and payment methods are also discussed. Poland is, in terms of population, one of the largest countries in Europe and is currently experiencing enormous growth in e-commerce: Online retail is on the rise, driven by consumer confidence and increasing online shopper penetration. Major market trends in Poland include the expansion of m-commerce and the growth of cross-border online shopping. To offer a convenient and faster checkout option for online shoppers, in February 2016 Visa launched Visa Checkout in Poland. The solution stores user’s payment and shipping details and provides faster checkout on partner merchants websites or apps.

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The key highlights of the study find that Poland was one of Europe’s early adopters of contactless technology, and today, over 55 percent of card payments in Poland are contactless. About 84 % of the cards issued by banks in Poland are contactless (data from the National Bank of Poland NBP, end of Q1 2016). At the end of Q1 2016, in Poland, 86.4 percent of POS terminals accepted contactless payments, according to the European Payments Council (EPC). The number of contactless payment cards increased expressively with a value of 28.3 million in 2016 and is predicted to reach 33.6 million by 2020.

Moving further, analysis of various market drivers and regulations governing the Polish cards and payments industry. Comprehensive analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards. At present, banks are launching a range of new products to capitalize on the growing popularity of contactless mobile payments (m-payments). Also, with Polish consumers being enthusiastic adopters of new technologies, payment solution providers have launched new solutions in the market. The latest is the launch of Android Pay by Google in November 2016, supported by Alior Bank, Bank Zachodni WBK, and T-Mobile Banking Services.

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