'BLIK is the most popular way to pay in Poland. We believe that BLIK can become one of the most significant payment platforms with a pan-European reach.'
In recent years, we have witnessed a radical change in the consumers’ attitude. They have become enthusiasts of convenience and speed – both factors being a necessity in today’s ecommerce market. This is mainly a consequence of the COVID-19 pandemic, which has shifted a large part of the in-store transactions to the Internet, and the development of fast deliveries.
Deferred payments are also booming and represent one of the fastest-growing trends in global ecommerce. The high consumer expectations in this area means that an increasing number of online sellers are now offering this type of solutions to their customers. These changes also have implications for BLIK and its development. We are consistently developing our portfolio and we are currently in the process of implementing BLIK deferred payments. Although the BNPL market in Poland is in an incipient phase, we already acknowledge the great potential this payment method has and are looking for ways to introduce it to our customers.
The logistics area is currently undergoing a dynamic transformation. In parallel, customer expectations of fast delivery are increasing. Q-commerce allows for placing an order online and having it delivered to your home in the shortest possible time. In some areas of the market and for some companies, this could be as fast as 10 minutes.
Retail chains throughout Europe are already operating in this mode. Both established players and startups have noticed a niche in the market and are now investing in q-commerce. The following months will bring the development of services in the ‘express same-day delivery’ mode. Customers of large retail chains can expect purchases made in their mobile applications to be delivered within a few hours – as it is already the case with small ‘corner stores’. When it comes to payments, immediacy will become the standard.
To put it briefly, online retailers need to consider the entire shopping experience - from generating interest in the product, to making the customers’ favourite payment methods available in-store, to delivery. BLIK payments fits into this trend by allowing customers to pay quickly, easily, and securely.
The COVID-19 pandemic has significantly accelerated the trends we have seen over the past few years when it comes to the development of mobile payments. One is the dynamic development of the ecommerce market, another one is the digitisation of the customer-bank processes, which can be seen in the increasing popularity of mobile banking. What initially seemed to involve long-term strategies for organisations suddenly turned out to be the only development path to follow. Increasingly, consumers have also started paying with their mobiles. Currently, the immediacy of transactions is also a standard. All these directions are radically affecting all participants in the e-commerce market. This determines the development of BLIK and will allow us to create solutions that may turn out to be a market hit in two or three years.
BNPL`s integrations with smartphones provide customers with the best experience, guaranteeing convenience and a fast payment journey. BLIK currently has over 70% share of the online payments market in Poland and offers a boast of a friendly process of service activation, while serving a large group of users who complete an average of 2.7 million BLIK transactions each day. This means that we can confidently compete with other solutions available on the market. Deferred payments using a mobile phone application represent a service that interests our customers, and BLIK has the potential to meet their expectations.
We still see immense potential for further growth. We now focus most of our attention on expanding the range of services and consistently increasing the number of active users to further strengthen our market position in the coming quarters. The increase in the volume of transactions that started in 2021 and continued throughout the beginning of 2022 allows us to believe that we are on the right track to achieving our goal.
In the upcoming months, we plan to concentrate on the previously mentioned deferred payments and consider our company’s development in foreign markets. Due to our infrastructure, BLIK payments can be easily accepted and integrated into numerous markets all over the world.
We have also tailored an offer for banks which will allow us to significantly increase transnationality in the mobile banking sector. We reckon BLIK has a high potential to transform into a pan-European payment system, as it features an inclusive business model where we welcome banks, card companies, P2P and BNPL providers altogether.
We have the know-how in building various business alliances, thanks to the formula in which the Polish Payment Standard operates. BLIK can offer ready-made payment solutions, act as a platform, or develop a strong cooperation with local institutions. All of this means that BLIK can become a European payments solution and cater to the entire European market, as opposed to only being available in Poland for now.
This interview was first published in Payment Methods Report 2022, the most updated overview of trends and developments in the payment methods space and the innovative technologies that these methods work upon, emerging consumers habits, and strategies on how to win at conversion and retention.
About Dariusz Mazurkiewicz
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