BLIK will offer deferred payments - Office of Competition and Consumer Protection (UOKiK) consents to Polish Payment Standard expansion
On 15 July, 2022, The Office of Competition and Consumer Protection (UOKiK) approved the application submitted by Bank Millennium, Santander Bank Polska, mBank, ING Bank Śląski and Mastercard regarding the expansion of the Polish Payment Standard, operator of the BLIK mobile payment system. The Office agreed to the concentration, under which PSP will supplement its portfolio with a deferred payment service (Buy now, pay later - BNPL).
The consent of the Office of Competition and Consumer Protection is another important step in the strategic development of BLIK. Based on our unique business model and the know-how we have acquired so far, we have the ambition to create a new standard for deferred payments. At the same time, we focus on the openness of the solution to all market participants - this applies not only to entities applying to UOKiK in this matter, but also to other banks or acquirers. We intend to use the same approach in this regard as in the case of the BLIK payment system we manage - the service will therefore be available to all organisations that will be interested in its implementation. Soon we will be able to boast of the first effects of cooperation with banks in this area
- says Dariusz Mazurkiewicz, President of the Management Board, Polish Payment Standard, BLIK operator.
The short-term payment financing service for purchases in the "buy now, pay later" formula is currently one of the fastest growing trends in e-commerce worldwide. Growing consumer expectations in this area mean that more and more online retailers are offering them to their customers. BLIK deferred payments will therefore be a response to the growing interest in this service.
The development of deferred payments is one of our strategic projects. We are consistently developing our vision of the product, and thanks to the consent of the Office of Competition and Consumer Protection, we have reached the point of popularizing this service. We are convinced that over time, BLIK’s Pay Later option will contribute more to the growth of PSP
- emphasizes Witold Litaszewski, Head of Consumer Finance Department at Polish Payment Standard
BNPL payments, allowing consumers to postpone them, will complement the existing range of solutions offered by the BLIK mobile payment system. Currently, you can pay with it throughout the Polish Internet and the growing number of global e-commerce platforms. BLIK payments can also be made in stationary stores - using a code, or contactless, as well as deposit and withdraw cash at ATMs. In addition, BLIK users can use it to transfer money to a phone number and set up recurring payments.
BLIK is a common standard for mobile payments. Currently, virtually every customer of domestic payment institutions offering a mobile application has the option of using BLIK in mobile banking applications. The company Polski Standard Płatności (PSP) is responsible for the development of the system. PSP is constantly developing BLIK's capabilities so that the system is as functional as possible for its users. The shareholders of PSP are: Alior Bank, Bank Millennium, Santander Bank Polska, ING Bank Śląski, mBank, PKO Bank Polski and Mastercard.
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BLIK Press Office