Poland Cards And Payments Market Historical Trends 2023

(MoneyNewsWire.Net, November 28, 2018 ) The Polish debit and prepaid cards categories recorded strong growth during the review period. This growth not only resulted in an increase in the volume of cards issued, but also improvements in their overall process and functions. The Polish card payments channel grew positively during the review period (2013 – 2018) at a compound annual growth rate (CAGR) of 4%, and is expected to continue to do so over the forecast period (2018 –2023) at a CAGR of 5%. Regarding the credit cards, the growth in the volume of cards may not be impressive but, the value of transactions through credit cards is, however, expected to grow at a CAGR of 5.26% over the forecast period, primarily due to increased online payments and reductions in interchange fees in the country.

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The Polish card payments channel is growing rapidly and becoming more competitive every year, with banks and card issuing companies now forced to offer more attractive products to retain their market positions. Significantly, the emergence of highly secure payment gateways increased public confidence in payment cards, and had a positive impact on the overall market development. The expansion of online retail and travel also supported the country’s card payments market. Other key factor contributing to the growth of card-based payments is the reduction in card charges proposed by the central bank.

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The emergence of digital banking is expected to encourage online card transactions through mobile and e-commerce. Digital banks target online customers and combine platforms such as social networking and retail sites to facilitate payments. The growth of contactless payments has expanded the potential for card-based payments in Poland.

Contactless cards introduced by MasterCard Pay Pass and Visa encouraged card-based transactions in retail outlets. Contactless terminals are being installed in public transport networks, colleges and parking lots, and contactless payments are also expected to be extended to public service points. Poland is also attempting to shift to contactless cards in accordance with SEPA. The ease of making payments and the security offered by contactless cards are expected to encourage card payments.

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