Popular Polish Payment Service BLIK Arrives in Slovakia
Hey Payments Fanatic!
BLIK SK, previously known as VIAMO, has expanded its partnership with one of Slovakia's largest banks, Tatra banka.
Soon, users of the Tatra Banka VIAMO mobile app will be able to make online purchases faster, more conveniently, and securely thanks to the new service.
In the coming months, Tatra Banka will introduce the BLIK payment method to its clients.
The BLIK payment process involves displaying a 6-digit BLIK code in the mobile app, which is then entered into the payment form during checkout.
Next, the user reviews the payment details and confirms the transaction with their PIN in the mobile banking application.
Thanks to the expanded collaboration between Tatra banka and BLIK SK, users of the Tatra banka VIAMO app will soon be able to use the modern BLIK payment method in Slovak online stores.
Notably, Polish Payment Standard (PPS), the operator of BLIK, announced two years ago that it had acquired VIAMO, a P2P payment service based in Bratislava.
BLIK has been very popular among Polish bank clients for years, as evidenced by impressive transaction data.
In the first quarter of 2024 alone, over half a billion transactions were made using BLIK in Poland, with every second transaction occurring in the e-commerce channel.
As of the end of March this year, over 16 million users were actively using BLIK 🤯.
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INSIGHTS
Bank of America Q2 2024 earnings call: “23 million consumers are now using Zelle.” In Q2 2024, P2P payment volume increased 26% YoY to $115 billion 👇
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GOLDEN NUGGET
The Future of Banking — How FinTech & Traditional Banks are Diving into Open Banking, Open Finance and Beyond Banking 👇
FinTechs have established themselves as important providers of financial services and play an integral role in the wider ecosystem, while digital banks provide more convenient and democratic access to banking services. New business models are emerging, spurred by digitalization, interconnectivity, and rich data. These models have introduced many new concepts, such as:
🔸Open Banking
🔸Embedded Finance
🔸Platforms
🔸Ecosystems
🔸Beyond Banking
Emerging Regulations around data, open banking, and open finance have created an opening for banks to extend their business into new products and services beyond banking.
👉 In the map below, open banking and open finance regulations are being issued in several markets across the globe, establishing regulatory clarity for the business and enabling it. In other markets (e.g., the US and Switzerland), the push is led more by the industry.
There are also markets with a hybrid approach, with both regulators and market participants in the driver seat.
Open Banking has several Business Models with commonalities including a new level of interconnectivity and the distribution of products and services across institutions through an Open API:
🔸Embedded Banking - Ready to use Banking products primarily into non-banks. Banking licenses are held by white-label institutions in the background.
🔸Platform Banking - Core Banking Infrastructure & Distribution channels provided by Banks as a platform. Code-designed offers with partners primarily provided by FinTechs & Startups.
🔸Ecosystem & Beyond Banking - Orchestrated Value Proposition consisting of complementary suppliers. Ecosystems that include offers beyond traditional banking products & services.
The traditional Banks diving into Beyond Banking offerings will primarily gain 3 major benefits:
👉 Holistic value propositions, customer loyalty, and value per customer
👉 New customer-acquisition opportunities
👉 New revenue streams
Beyond Banking not only offers traditional banking products but also lifestyle products:
👉 Traditional: Credit, Business Bank, Mobile Bank, Investments, Insurance
👉 Lifestyle: MVNO, Entertainment, Travel, Metaverse
This Harmonious, well-orchestrated, ecosystem has the advantage of maintaining client relationships and reaping the largest share of the ecosystem's financial benefits.
The beauty? Participation in one ecosystem can even be continued once you launch another or across of ecosystems. It's the present and future 🚀
Source: Arthur D. Little
And I highly recommend following my partner at Connecting the dots in payments... Arthur Bedel 💳 ♻️ for more great updates like this one👌
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