Thanks to regulation coming into Poland in Q2 2019, contactless payments are set to hit a boom in the country.
This is according to research from leading data and analytics firm GlobalData. It states that every though cash is very much dominant, Polish consumers are adopting contactless payments in increasing numbers.
Almost every Polish adult now holds a contactless card. the number of contactless cards in Poland grew from 25.7 million in 2014 to 34 million in 2018. This is a rise of over 32%.
However, the move to increase the limit on contactless transactions from PLN50 ($13) to PLN100 is predicted to give contactless payments in Poland a boost.
Nikhil Reddy, payments analyst at GlobalData, said: “The growth in the contactless card market has been fuelled by government policies to promote electronic payments, supported by wider merchant acceptance and improved payment infrastructure.”
Reddy added: “The announcement by the country’s central bank that from Q2 2019 it is doubling the maximum limit for contactless transactions without a PIN from PLN50 to PLN100 will further drive contactless payments in the country.”
Transport embracing contactless is set to help as well. major cities such as Warsaw and Rybnik have integrated the NFC-enabled technology into their public transport.
Poland: an increasingly strong market
Retail Banker International recently ranked the largest banks in Poland.
2017 was a good year for Polish economy with growth of 4.7%. But 2018 is even stronger with a growth rate of 5.1%. Average earnings in 2018 rise by 7%, unemployment is 5% while inflation remains relatively low at 1.6%.
Moreover, the World Bank is forecasting growth of more than 4% for Poland in 2019.
As the fiscal 2018 reporting season for the largest banks in Poland concludes, a number of highlights standout.
It isn’t just the incumbents making strides in the market. Alior Bank has launched the second edition of its fintech accelerator.
The RBL_START acceleration programme has opened up again its recruitment process. It is seeking start-ups which offer solutions in security, data analysis, and supporting client loyalty.
Furthermore, the Alior fintech accelerator wants those which offer launching financial services in channels that have not yet been explored.