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Fintech BLIK eyes Romania and other European markets

Friday 22 April 2022 12:37 CET | News

Poland-based payments company BLIK has started looking at expansion possibilities in other European countries, the priority being Romania.

BLIK is a payment system available on mobile banking applications through a bank account. It allows users to pay online, at traditional payment terminals, as well as withdraw cash from ATMs, and send money to other users in real time.

To pay through BLIK, the app generates a six-digit code, which must be entered online, at the terminal or ATM and then initiates a transaction that is approved in the Bank’s mobile application. Since its launch in 2015, the system has already processed over 1.5 billion payments and nearly 70% of all BLIK transactions are ecommerce purchases. 

Company officials explained that they are working on establishing partnerships with banks in the Central and Eastern Europe region. Their strategy is to develop agreements with the biggest banks on the local market and to demonstrate that a common approach can lead to development of the industry. They believe that they can build in other markets, such as Romania, a payment system based on mobile banking applications and an ecommerce acceptance network, using the technology they have already created.

The Romanian market is now at a good time to undertake this type of initiative. The development of mobile banking and ecommerce in Romania is at a very mature stage so most customers are already used to mobile payments, according to the press release. According to a study conducted by the consulting company Kearney, Romanians want to pay quickly, safely, and as simply as possible. 35% of those who use mainly cash today say they want payments to be convenient. One-third of those who use payment cards declare that the most important thing for them is payment security.


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Keywords: mobile payments, ecommerce, BLIK, payment processing, mobile banking
Categories: Payments & Commerce
Companies: Blik
Countries: Europe, Romania
This article is part of category

Payments & Commerce

Blik

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