Friday, April 18th, 2014
Today's weather     
PKO BP mulling new card-payment system

16th December 2013
Bookmark and Share

The card would compete domestically with Visa and MasterCard

Poland’s largest lender PKO BP is working on introducing a new payment card to the Polish market, the bank revealed last week.

The card is planned as a complementary element to a new online payment system which is expected to be launched by PKO BP together with five other banks. It would effectively become a competitor to Visa and MasterCard in the domestic market, and would allow the banks to cut out the fees those companies charge on card payments. 


Courtesy of PKO BP

Over 90 percent of non-cash transactions are carried out domestically,” PKO BP’s chief executive Zbigniew Jagie³³o told Dziennik Gazeta Prawna. “That is why we should have a domestic card payment system, which would translate into lower transaction fees and other benefits.”

However, Mr Jagie³³o also mentioned that such a domestic card scheme independent of foreign payment card systems was attempted, but dropped in the 1990s.

After PKO BP, Millennium, ING, BZ WBK, mBank and Alior Bank create their mutual mobile payments system, their next step should be a card system, the CEO said. Such systems already exist in Western Europe, he explained. Customers use domestic systems locally and Visa or MasterCard abroad.

Robert £aniewski, president of the Foundation for Development of Cashless Transactions, told the paper that it such a card would have a chance to prosper, but “First and foremost it should be a system which is open to the extent that every bank operating on the Polish market should be able to issue the card.”

Kamila Wajszczuk,

John Beauchamp


From Warsaw Business Journal


Advertisement
The business of politics
Poland’s PM owes Putin one
BY Remi Adekoya
A few months ago, Civic Platform (PO), Poland’s ruling party, looked sure to lose the upcoming European Parliamentary elections in May. Poll ... READ MORE
From the editor
A day full of possibilities
BY Andrew Kureth
My favorite cartoon ever drawn is the final strip of the iconic “Calvin and Hobbes” series, by fellow Kenyon College alumnus ... READ MORE
Our partners