Non-cash transactions are replacing ordinary money?

Poles are increasingly choosing non-cash transactions. A large number of bank promotions, commissions for using the card, new, convenient technologies such as Good – will these factors make ordinary money a thing of the past? We check why cashless transactions are such a tempting alternative to traditional money.

Non-cash transactions replace ordinary money

According to the NBP, there are almost 40 million payment cards on the Polish market. A steady increase in the number of payment cards in Poland has been maintained since 2015. This number increased by 576 thousand in the period from June 2017 to the end of September 2017.

Every year, Poles pay less and less with traditional methods. Every fifth retail transaction is a non-cash payment. This clearly shows that the number of non-cash transactions is steadily increasing. Will it make normal money go out of business, giving way to payment cards that have the chance to become Poles’ favorite means of payment?

Normal money is losing importance

According to the Ministry of Development, over 20% of all retail financial transactions are non-cash payments. Interestingly, 10 years ago, this figure was just 2%. MR believes that innovative forms of payment and increasing wages have an impact on economic growth.

Therefore, it should not come as a surprise that more and more people are choosing to use cashless transactions, which are simply, much more convenient. It is not surprising that people are so eager to use them.

What technologies support cashless transactions?

In addition to well-known debit and credit cards to Poles – often allowing to obtain commissions and cashbacks from transactions – the market has the opportunity to make payments using Good technology. It is a Polish payment system that allows you to make purchases using your phone quickly and easily. Good is a 6-digit code generated by the bank’s application which is used to confirm payments.

The technology was created on the initiative of native tanks based on IKO technology. Payment via the application is simple, intuitive and extremely fast – the application saves us multi-level logging systems, page reloading and multiple data sharing. Everything is secured with a PIN and confirmed with a code from the SMS.

Allan Cayetano

Back to top