Cashless payments post double digit growth
Polish consumers are becoming more confident about using financial cards to make payments as cashless transactions recorded impressive double-digit value and volume growth again in 2013. The main reason for this positive growth is the rising number of debit cards in circulation as well as the high popularity of contactless transactions. Both issuers and operators of financial cards are encouraging cardholders to use financial cards more actively. Increasing levels of marketing activity are also helping to promote and boost the popularity of alternative payment technologies.
Reduction of interchange fees is on the way
Interchange fees in Poland remain among the highest in Europe and this is one of the major factors behind the low acceptance of financial cards in the country. However, this situation is set to change quickly due to the introduction of new laws regarding interchange. In addition, business leaders are also interested in reducing interchange fees. One of the biggest retailers operating in convenience stores in Poland, Zabka, recently announced the introduction of mobile payments in all of its outlets and has threatened to stop accepting payment by the traditional financial cards issued by banks. Industry sources predict further declines in interchange fees due to lobbying by merchants and rising competition from alternative payment methods.
High acceptance of new technologies changes Polish payment landscape
In comparison with consumers in most European countries, Poles are very keen on new technologies in payments. At the end of 2012, over half of all financial cards issued by Polish banks had contactless function. This situation places Poland on the forefront of Europe in this respect. Polish banks are replacing older financial cards with newer alternatives with contactless functions. It is expected that, during 2014, the vast majority of financial cards in Poland will have only contactless function. Poles have also accepted new mobile payments technologies and a solid foundation for sustained growth in this area has been created.
Polish banking sector to consolidate
PKO Bank Polski SA, already the biggest bank in Poland in terms of number of bank accounts and debit cards strengthened its position during the middle of 2013 by acquiring Nordea Bank Polska. The earlier merger of Bank Zachodni WBK SA and Kredyt Bank SA under the Santander banner created another major player with a high share of financial cards in line with Bank Pekao SA, which is controlled by UniCredit Group. Some minor foreign players such as Bank DnB Nord have decided to withdraw from the retail banking business in Poland. Further consolidation is expected in Poland’s banking sector during the forecast period.
High market saturation in some cards’ categories
Despite the increases recorded in financial cards overall in 2013, some categories are expected to develop at a slower pace than others during the forecast period. In charge cards, demand for fleet fuel cards is almost fully saturated and industry experts expect growth to be in line with general GDP growth, at best. The significance of personal charge cards is expected to diminish further due to high competition from more functional and practical credit cards. Store cards maintains only a marginal presence in Poland, with only one issuer and two retailers active in this category.
Samples (FAQs about samples):Sample Financial Cards and Payments Market Research Report
Sample Financial Cards and Payments Data
Delivery: Files are delivered directly into your account within a few minutes of purchase.
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Poland with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Poland, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Poland market research report includes:
- Analysis of key supply-side and demand trends
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Financial Cards and Payments in Poland?
- What are the major operators and issuers in Poland?
- How will regulation impact the market?
- What is the current state of emerging payment technologies such as mobile commerce?
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
Euromonitor’s industry reports, including Financial Cards and Payments in Poland, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.