Page 36 - FintechAtlas2019

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Poland
Dynamic development due to innovative consumers
During three decades of political transformation, the Polish financial sector has made major progress that has earned the country a significant position on European and global markets.
The rapid development of the financial sector owes much to the high level of flexibility of Polish consumers. According to
a report by ING, nearly 58% of Poles have no problem with the idea of switching banks (EU average = 45%). Furthermore, Poles love simple payment solutions. The Polish Central Bank reports that, when account cards are included, 80.4% of Poles use contactless payment. And according to Mastercard, Poland is in fifth place in Europe and sixth globally in terms of the use of wearable payment methods. Such rapid growth has encouraged both banks and fintechs to develop ever more innovative solutions. Here are three of the most interesting:
1. Online currency exchanges: the beginning of Poland’s fintech revolution.
One of the first significant changes in Poland’s financial sector was the establishment of non-banking currency exchanges. Today, such exchanges offer a number of innovative financial products, including factoring, deferred payment and multi- currency cards.
It is worth noting that the online currency exchange Rkantor.com was established in 2015 with the participation of Raiffeisen Bank Polska. Users, however, were not required to open an account with the bank.
2. Opening a company via a mobile bank.
Since January 2018, selected banks have enabled customers to establish a company directly using electronic banking.
The registration procedure is carried out electronically and there is no need to visit a physical office. A single online application process allows a company to be registered with the Central Register and Information on Economic Activity, tax and social security offices and Central Statistical Office.
3. BLIK: Poland’s tailor-made PSD3 payment standard
BLIK is a Polish mobile payment system launched on the initiative of several banks in 2013. In practice, BLIK is a six-digit code displayed by an app that can be used to pay in a shop, make an ATM withdrawal, transfer money by giving only the recipient’s phone number, pay for e-commerce services or deposit cash. BLIK also offers virtual cheques. By creating a virtual cheque and setting a password, BLIK also permits money to be transferred to someone whose bank account or telephone numbers are unknown. Upon receiving the cheque number and password they can withdraw the given sum from an ATM or use it to pay in a shop.
Skyline of Warsaw, Poland