PKO Bank Polski, a Polish financial institution, believes the end of cash is near and is preparing a mobile banking revolution.
The revolution begins with the launch of a mobile wallet – the IKO app – available on iOS and Android, with other platforms to follow. The application allows users to carry out transactions at the point-of-sale, online, and even at ATMs.
To pay in shops, users simply insert a code generated by the app at the POS terminal and confirm the transaction on their phone. To carry out transactions at ATMs the process is similar, with the app generating a code to be entered at the machine. Moreover, the application allows users to create checks that allow them to pay at shops or withdraw money at an ATM without having their phone with them.
The application also works as a mobile bank – allowing users to track their expenses and transfer money to others’ accounts using only their phone number.
The launch of the application was preceded by a pilot, which showed the great potential for its success in the country. In the future the bank wants to develop IKO as a standard of payments in the country. Depending on the application’s success PKO plans to add services such as parking payments, public transport tickets, coupons, loyalty schemes among others.
Poland is already a pioneer when it comes to payments in Europe. It was the fastest-growing eCommerce market in the region in 2012 and introduced several NFC payment schemes in the country in the same year.
