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Payments in Poland, 2017 by Inteliace Research October 2017 Version: 17.c Selected pages from the original report
Inteliace Research PaymentsinPoland,2017 Table of contents Executive Summary 1. Payments in Poland and in Europe Slide 1: ...
Inteliace Research PaymentsinPoland,2017 16.4 11.0 4.1 3.9 3.5 3.2 3.2 2.6 2.1 1.9 1.7 1.5 1.5 1.0 0.8 0.70.6 0.5 0.4 0.4 ...
Inteliace Research PaymentsinPoland,2017 ATM withdrawals*: Value in PLN billion * Card withdrawals with cards issued in Po...
Inteliace Research PaymentsinPoland,2017 Single Few Many SingleFewMany Merchants Sourcesofmoney/banks • iKasa • BLIK • Peo...
Inteliace Research PaymentsinPoland,2017 Source: press, Inteliace Research 6 Świebodzice IT partner Overview Rybnik Jaworz...
Inteliace Research PaymentsinPoland,2017 Brand/banner Company name Type Blue Media Blue Media S.A. ACH KIR Krajowa Izba Ro...
Inteliace Research PaymentsinPoland,2017 Notes on methodology 8 FX rates: • As a general rule all “end of year” balances l...
Inteliace Research PaymentsinPoland,2017 About the report and its authors 9 About Inteliace Research Inteliace Research is...
Inteliace Research PaymentsinPoland,2017 Recent publications by Inteliace Research 10 Visit http://www.inteliace.com for m...
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Consumers embrace card and mobile payments in Poland. Total volume of payments is expected to surpass 10 billion within next 5 years.

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The sky’s the limit for payments in Poland - Towards 10 billion tx p.a.
Consumers embrace card and mobile payments in Poland. Total volume of payments is expected to surpass 10 billion within next 5 years.

Surging payments industry in Poland
Poland's payment market is growing rapidly. The total number of payments exceeded 5.6 billion as of 2016 and it is estimated to top 6.4 billion in 2017. Most transactions executed in Poland involve payment cards and the share of cards in total payments exceeded 57%, corresponding to over 3.2 billion transactions in 2016. The fast growth in card transactions could be attributed to increasing frequency in card use and a gradual displacement of cash.

Mobile and Online payments
Introduction of NFC-HCE mobile payments by major banks in Poland and subsequent entry of Android Pay has initiated a rapid growth in mobile payments. The number of HCE/NFC cards jumped to over 400k as of Q2 2017 and the number is likely to double until the end of the year. Also, the domestic mobile payment scheme, developed by a group of banks led by PKO, has registered a strong growth in transactions and finished the 2016 year with nearly 8 million transactions.

Regulatory changes (PSD2) and competition
The nearing deadline for PSD2 implementation is heating up the competition. All existing players try to gain as many new clients as possible before the access to bank accounts is deregulated. The changes associated with PSD2 are expected to affect the market in 2018 and in subsequent years. The new regulatory regime meant to support innovation is likely to benefit ACH-based, cardless payment solutions and to offer new opportunities to fintech sector. A significant beneficiary could be also large merchants who will be able to circumvent traditional payment structures and reach directly to bank accounts of their clients via APIs. In general, PSD2 will affect many established business models, including banking, card schemes and traditional players in payments leveraging global brands.

Outlook
The growth in payment volumes in Poland is likely to continue as will the role of cards in overall payments. Thanks to the proliferation of POS terminals and alternative payment solutions, in particular, in sectors where they have not been applied before, e.g. in public administration, the Post Office, local authorities and in smallest stores etc, cash will continue to be displaced. Assuming that no change in current trends will occur, the total volume of payments in Poland is likely to reach 10 billion transactions within next five years.
For more on the topic please check the report: Payments in Poland: http://www.inteliace.com/en/00160_Payments_in_Poland_2017.html

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Consumers embrace card and mobile payments in Poland. Total volume of payments is expected to surpass 10 billion within next 5 years.

  1. 1. Payments in Poland, 2017 by Inteliace Research October 2017 Version: 17.c Selected pages from the original report
  2. 2. Inteliace Research PaymentsinPoland,2017 Table of contents Executive Summary 1. Payments in Poland and in Europe Slide 1: Consumer markets in Europe, 2016 Slide 2: Total payments in Poland, structure by type, 2012-2016 Slide 3: Total payments: Europe vs. Poland, structure by type, 2016 Slide 4: Card payment volumes in Europe & in Poland (1/2), 2014-2016 Slide 5: Card payment volumes in Europe & in Poland (2/2), 2016 2. Payments and payment infrastructure in Poland Slide 6: Card payments in Poland, 2012-2017F Slide 7: POS infrastructure evolution in Poland, 2012-2017F Slide 8: Cards/terminals in Poland by functionality, 2Q2015-2Q2017 Slide 9: ATM networks in Poland, 2012-2017H1 Slide 10: ATM cash withdrawals in Poland, 2012-2017F Slide 11: Cash in circulation and interest rates in Poland, 2012-2017H1 Slide 12: Cards issued in Poland, 2012-2017H1, split by type & brand, 2017Q1 Slide 13: Top payment card issuers in Poland, H1 2017 Slide 14: Automated Clearing House (ACH) systems in Poland; Transaction volumes: ELIXIR, Express ELIXIR, SORBNET2, BlueCash, BLIK, 2012- 2016 Slide 15: Evolution of mobile payments in Poland – Global pays Slide 16: Overview of mobile payments in Poland by origin of funds, 2017 Slide 17: Key players in payment applications/wallets in Poland, 2017 Slide 18: Poland - retail payment services landscape, 2017 Slide 19: HCE-NFC users evolution, key banks in HCE NFC, 2015-2017Q2 Slide 20: PSD2 and its implementation in Poland Slide 21: PSD2 and its expected impact in Poland by stakeholder type Slide 22: Total payments in Poland, forecast for 2022 3. Retail landscape (merchants) and payment methods Slide 23: Brick&mortar (b&m) vs. online retail landscape, 2015-2017 Slide 24: Key payments methods available in B&M and in online retail, 2017 Slide 25: Survey on payment methods in 72 large online stores, Oct. 2017 Slide 26: Online merchants & payment methods– case (1/3): Allegro Slide 27: Online merchants & payment methods– case (2/3): RTVEuroAGD Slide 28: Online merchants & payment methods– case (3/3): empik.com Slide 29: Key players in specialized mobile payments (parking, public /municipal transportation, regional railways), 2017 Slide 30: Use of payment cards as tickets in public transport Slide 31: Block chain technology & bitcoin in Poland: Exchanges, bitcoin acquirers, merchants, 2017 4. Key players by segment Slide 32: Mobile payment schemes (1/2): BLIK Slide 33: Mobile payment schemes (2/2): PeoPay Slide 34: Digital wallets (1/3): MasterPass Slide 35: Digital wallets (2/3): VISA Checkout Slide 36: Digital wallets (3/3): Android Pay Slide 37: Payment aggregators (1/3): PayU Slide 38: Payment aggregators (2/3): Przelewy 24 Slide 39: Payment aggregators (3/3): Dotpay/eCard Slide 40: Digital wallet with hybrid funding: PayPal Slide 41: Payment gate for ACH-based pay-by-links: Paybynet Appendix: Directory of firms mentioned in the report 2
  3. 3. Inteliace Research PaymentsinPoland,2017 16.4 11.0 4.1 3.9 3.5 3.2 3.2 2.6 2.1 1.9 1.7 1.5 1.5 1.0 0.8 0.70.6 0.5 0.4 0.4 0.3 0.3 0.2 0.20.2 0.1 2.6 3.8 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Poland 2016Poland 2017F * Local payment scheme existing and using alternative solutions e.g. Direct Debit Source: ECB, SNB, NB, Eurostat, NBP, Inteliace Research Average annual growth in number of card payments (CAGR), 2014–2016, in % Card payments in Poland vs. Europe, 2014-2016 xx Total annual card payments volume, 2016, in billion AdvancedEarlystage Averageannualcard paymentspercapita,2016 Slovakia Czech Rep. Romania Hungary Switzerland Norway Sweden Denmark UK France Germany* Austria Italy Spain Netherlands Ireland Portugal Belgium Estonia Developed Fast growing CEE markets Most advanced markets Lithuania Slovenia Latvia Finland Croatia 3 Luxembourg Poland 2015 The explosive growth in card payments in Poland is expected to slightly decelerate in 2017
  4. 4. Inteliace Research PaymentsinPoland,2017 ATM withdrawals*: Value in PLN billion * Card withdrawals with cards issued in Poland. Domestic and foreign transactions included Source: NBP, Inteliace Research 287 295 301 320 357 376 4 4 5 5 6 6 2012 2013 2014 2015 2016 2017F CAGR (%) 2012-2017F +6 +6 +10 Domestic transactions Foreign transactions • The value of cash withdrawals continues to increase, however, at a decelerating rate. • At the same time, the volume of cash transactions has been falling. • The average value of a single cash withdrawal is growing. 4 ATM withdrawals*: Volume in billion transactions 291 300 306 325 362 0.76 0.78 0.77 0.74 0.75 0.70 0.01 0.01 0.01 0.01 0.01 0.01 2012 2013 2014 2015 2016 2017F CAGR (%) 2012-2017F -2 -2 +9 0.760.77 0.79 0.78 0.75 379 379 391 432 474 Average transaction value(PLN) Total Domestic transactions Foreign transactions Total Number of cash transactions is likely to fall in future 382 0.71 540 While the value of ATM withdrawals keeps increasing, the number of transactions is heading lower
  5. 5. Inteliace Research PaymentsinPoland,2017 Single Few Many SingleFewMany Merchants Sourcesofmoney/banks • iKasa • BLIK • PeoPay • MasterPass • Android Pay • Visa Checkout* • PayPal • SkyCash • moBilet • mPay • PayU • There is already a significant number of payment applications competing for clients in Poland. • The key battle that will decide the future shape of Poland`s payment market will likely play out between ACH-based models (BLIK) and various digital wallets (payment cards-based models). • Specialized and merchant/issuer sponsored services are likely to occupy market niches. • Ukash • paysafecard * For the moment no merchants in Poland accept Visa Checkout. Source: Inteliace Research Likely future positions Merchant-sponsored solutions Specialized, sector- oriented services • Multiple bank proprietary HCE solutions: PKO, BZ WBK, Eurobank, Getin etc. Issuer-sponsored solutions Poland - retail payment services landscape, 2017 5 Competition in retail payments in Poland has intensified. The race for merchant relationships is on
  6. 6. Inteliace Research PaymentsinPoland,2017 Source: press, Inteliace Research 6 Świebodzice IT partner Overview Rybnik Jaworzno Łódź Wrocław, Warszawa, other MCX Systems MCX Systems Mennica Polska Mennica Polska Town • First payment card based, ticketless solution in Poland • Pilot started in Jan. 2016 • A single fare paid by tapping a contactless payment card on a reader • Pilot started in 2017 • First implementation of check in / check out model • A fare paid by tapping a contactless payment card on a reader while getting on and off the bus in order to determine the amount due • Pilot started in Jan. 2017 • In order to pay, client selects the desired ticket first and then taps the card – a solution to serve multiple types of tickets available • Pilot started in Sept. 2017 in selected trams • check in / check out model Examples of adoption of payment cards in public transport services, 2016-2017 Currently in the planning phase. Selection of system and tender upcoming • So far, only smaller cities have tested/adopted ticketless card payments in public transport • However, the relatively low usage and high costs of the technology prevent adoption in smaller cities • A breakthrough could be a mass adoption of ticketless solution in one of major cities: Warszawa, Łódź or Wrocław The first card-based billing systems in public transport have been tested in Poland. Major cities to follow
  7. 7. Inteliace Research PaymentsinPoland,2017 Brand/banner Company name Type Blue Media Blue Media S.A. ACH KIR Krajowa Izba RozliczeniowaS.A. ACH Elavon Elavon Financial Services acquiring eService eservice Sp. z o.o. acquiring IT Card IT Card CTP S.A. acquiring PayTel PayTel SA acquiring Pekao CK Centrum Kart S.A acquiring PEP CRE PolskieePłatności S.A. acquiring Polcard First Data Polska S.A. acquiring SIX Pay SIX Payment Services (Europe) S.A. acquiring Dotpay Dotpay S.A. aggregator eCard eCard S.A. aggregator PayU PayU S.A. aggregator Przelewy24 PayPro SA, DialCom24 Sp. z o.o. aggregator tpay Krajowy Integrator Płatności S.A. aggregator Bitbe.coLtd Bitbe.coLtd BTC acquiring InPay InPay S.A. BTC acquiring 4coins.pl 12 M sp. z o.o. BTC exchange BitBay.net BitBay Sp. z o.o. BTC exchange bitcurex.com DigitalFuture LLC Sp. z O.O. BTC exchange bitfox.pl Bitfox sp. z o.o. BTC exchange bitmarket.pl Michau Enterprises Limited BTC exchange bitmarket24.pl BitMarket24 Sp. z o.o. BTC exchange Bitmaszyna.pl Androbayt Sp. z o.o. BTC exchange Bitstar bitstar sp. z o. o. BTC exchange btcduke.com BTCDuke sp. z o.o. BTC exchange Cryptoins.com Cryptoins.comLtd BTC exchange dgtmarket.com DigitalMarket Sp. z o.o. BTC exchange flyingatom.com FlyingAtomSp. z.o.o. BTC exchange nevbit.com Nevonet Sp. z o o BTC exchange simplecoin.pl Simple Coin s.r.o. BTC exchange PaySafeCard, Ukash Prepaid Services Company Ltd. cash vouchers BZ WBK Bank Zachodni WBK SA HCE-issuer bank eurobank Euro Bank S.A. HCE-issuer bank Getin bank Getin Noble Bank S.A. HCE-issuer bank MillenniumHCE Bank MillenniumSA HCE-issuer bank Pekao HCE Bank Polska Kasa Opieki SA HCE-issuer bank PKO HCE PKO Bank Polski SA HCE-issuer bank SGB HCE SGB-Bank S.A. HCE-issuer bank BLIK Polski Standard Płatności Sp. z o.o. mobile payments CallPay CallPay Sp. z o.o. mobile payments iKasa ICP Polska Sp. z o.o. mobile payments moBilet Mobile Traffic DATA Sp. z o.o. mobile payments mPay mPay S.A. mobile payments PeoPay Bank Pekao S.A. mobile payments SkyCash SkyCash Poland S.A. mobile payments FerPay Ferratum Bank p.l.c. online lending Monedo Kreditech online lending Homepay Homepay Sp. z o.o. SMS premium HotPay Leaders sp. z o.o. sp. k. SMS premium JustPay.pl DigitalVirgo S.A. SMS premium SimPay.pl Simpay Krzysztof Wojdak SMS premium Apple Pay Apple Pay mobile payments Samsung Pay Samsung Pay mobile payments Android Pay Android Pay mobile payments MasterPass MasterPass wallets PayPal PayPal wallets Skrill Skrill wallets Visa Checkout Visa Checkout wallets uPaid wallet uPaid Sp. z o.o. wallets Blue Media Blue Media S.A. ACH KIR Krajowa Izba RozliczeniowaS.A. ACH Elavon Elavon Financial Services acquiring eService eservice Sp. z o.o. acquiring Source: Inteliace Research Companies mentioned in the report 7
  8. 8. Inteliace Research PaymentsinPoland,2017 Notes on methodology 8 FX rates: • As a general rule all “end of year” balances like: assets, deposits, loans and similar volumes have been converted from the local currency into Euro using end of year exchange rate • All results achieved during a period of time like: profits, revenues, new sales etc. have been converted from the local currency into Euro using average exchange rate • Exchange rates used in the report: Estimates and Forecasts: • In some cases, recent or verified data was not available. Therefore, necessary short-term estimations have been done to fill the gaps. Estimates are always indicated with the letter “E” • When preparing forecasts “F” we have built models using latest observed trends, available forecasts of main economic indicators, seasonal changes observed in the past and other specific factors considered important. Multiple sources: • In some cases multiple sources of similar data exist. In this situation we always try to select the most appropriate one /in our view/. The source is indicated in the footer area of each slide. Nevertheless in specific cases, before interpreting the data it is recommended to get a good understanding on the methodology of data collection by contacting the authors. EUR / PLN 2008 2009 2010 2011 2012 2013 2014 2015 2016 17H1 End of period 4.17 4.11 3.96 4.42 4.09 4.15 4.26 4.26 4.42 4.23 Average 3.52 4.33 3.99 4.12 4.19 4.20 4.19 4.18 4.36 - Source: NBP
  9. 9. Inteliace Research PaymentsinPoland,2017 About the report and its authors 9 About Inteliace Research Inteliace Research is an independent and privately owned research firm based in the heart of Eastern Europe in Warsaw / Poland. Our company specializes in value-added research services and tailored business intelligence solutions. Through our customized research services we help our clients to better understand their customers, competitors and overall market dynamics. The lead researcher and founder of Inteliace Research is Marcin Mazurek. Our contact details: Inteliace Research Foksal 17B / 31, 00-372 Warszawa, Poland Tel. +48 22 408 66 20, Tel. +48 502 512 178 Fax. +48 22 349 21 40 mail: info @ inteliace.com www: http://www.inteliace.com/en/publications.html About this report This report has been prepared using Inteliace Research proprietary research and publicly available sources, including: financial reports, press publications, industry magazines, directories, financial databases and expert opinions. Views presented in this report reflect solely the independent and unbiased opinion of Inteliace Research and authors. All due care has been taken in the production of this report. However, Inteliace Research does not accept any responsibility or liability for any omissions or inaccuracies of the information contained in this publication. This report is copyrighted. Any distribution, storage, replication and usage is restricted to Inteliace Research clients only. In case of any doubt please contact us at: info @ inteliace.com
  10. 10. Inteliace Research PaymentsinPoland,2017 Recent publications by Inteliace Research 10 Visit http://www.inteliace.com for more details Recent Reports: 2016 • February - Mortgage Lending in Poland ’16 • May - Bank outlets database ’16 • May - Banking Market in Poland ’16 • June - Insurance Market in Poland ’16 • September - Top 200 CEE banks ’16 • October - Investment Funds and Asset Mgmt. ’16 • November – Payments in Poland ’16 2017 • February - Mortgage Lending in Poland ’17 • May - Bank outlets database ’17 • May - Banking Market in Poland ’17 • June - Insurance Market in Poland ’17 • August - Top 200 CEE banks ’17 • September- Investment Funds & Asset Mgmt. ’17 and many other ...

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