Latest e-commerce trends and BLIK’s role in the future of payments
‘BLIK is the most popular payment method in Poland. We believe that BLIK can become one of the most important payment platforms with a pan-European reach.’
What are the new e-commerce trends and how do you think BLIK can evolve to meet the latest consumer demands?
In recent years, we have witnessed a sea change in consumer attitudes. They have become obsessed with convenience and speed – two factors being a necessity in today’s e-commerce market. This is mainly a consequence of the COVID-19 pandemic, which has shifted a large part of in-store transactions to the Internet, and the development of fast deliveries.
Deferred payments are also on the rise and represent one of the fastest growing trends in global e-commerce. High consumer expectations in this area mean that more and more online sellers are now offering this type of solution to their customers. These changes also have implications for BLIK and its development. We are constantly developing our portfolio and are currently in the process of implementing BLIK Deferred Payments. Although the BNPL market in Poland is in a nascent phase, we already recognize the great potential of this payment method and are looking for ways to introduce it to our customers.
Can you expand on the concept of “Q-commerce” and how do you think it can further change consumer behavior when it comes to online shopping?
The logistics area is currently undergoing transformation. At the same time, customer expectations for fast delivery are increasing. Q-commerce allows you to place an order online and have it delivered to your home as soon as possible. In some market sectors and for some companies, it can take up to 10 minutes.
Distribution chains all over Europe are already operating in this mode. Established players and startups have noticed a niche in the market and are now investing in q-commerce. The following months will see the development of services in “express same day delivery” mode. Customers of large retail chains can expect purchases made in their mobile apps to be delivered within hours, as is already the case with smaller corner stores. When it comes to payments, immediacy will become the norm.
In short, online retailers need to consider the entire shopping experience – from generating interest in the product, to making customers’ preferred payment methods available in-store, to delivery. BLIK payments are part of this trend by allowing customers to pay quickly, easily and securely.
What opportunities can the post-pandemic world bring to Poland’s overall digitization process, especially with regard to online and contactless payments? How can BLIK benefit from this?
The COVID-19 pandemic has significantly accelerated the trends observed in recent years in the development of mobile payments. One is the dynamic development of the e-commerce market, the other is the digitization of customer-bank processes, which is reflected in the growing popularity of mobile banking. What initially seemed to involve long-term strategies for organizations suddenly turned out to be the only path to development. Increasingly, consumers have also started to pay with their mobile. Currently, the immediacy of transactions is also a standard. All these orientations radically affect all players in the e-commerce market. This determines the development of BLIK and will allow us to create solutions that could become a success on the market in two or three years.
The deferred payment market is diverse and growing rapidly. How do you see mobile payments and BNPL coming together?
BNPL’s integrations with smartphones provide customers with the best experience, ensuring convenience and a fast checkout journey. BLIK currently holds over 70% of the online payments market in Poland and offers a user-friendly service activation process, while serving a large group of users who perform an average of 2.7 million BLIK transactions every day. This means that we can confidently compete with other solutions available on the market. Deferred payments via a mobile application represent a service that interests our customers and BLIK has the potential to meet their expectations.
What does the future of payments look like for BLIK? What can customers expect from the company over the next 12 months?
We still see immense potential for future growth. We are now focusing most of our attention on expanding the range of services and steadily increasing the number of active users to further strengthen our market position in the coming quarters. The increase in transaction volume that began in 2021 and continued throughout the start of 2022 allows us to believe that we are on the right track to achieve our objective.
Over the next few months, we plan to focus on the previously mentioned deferred payments and consider expanding our business into overseas markets. Thanks to our infrastructure, BLIK payments can be easily accepted and integrated in many markets all over the world.
We have also designed an offer for banks that will allow us to significantly increase transnationality in the mobile banking sector. We believe that BLIK has strong potential for transformation into a pan-European payment system, as it presents an inclusive business model in which we welcome banks, card companies, P2P and BNPL providers.
We have the know-how in building various business alliances, thanks to the formula in which the Polish payment standard operates. BLIK can offer ready-to-use payment solutions, act as a platform or develop strong cooperation with local institutions. All this means that BLIK can become a European payment solution and address the whole European market, instead of being only available in Poland for now.
This interview was first published in Payment Methods Report 2022the most up-to-date overview of trends and developments in payment methods and the innovative technologies on which these methods operate, new consumer habits and strategies to gain conversion and retention.
About Dariusz Mazurkiewicz
Dariusz is the CEO of Polish Payments Standard (Polski Standard Płatności – PSP, which operates the popular account-based mobile payment system BLIK) since 2017. Between 2015 and 2017 he served as Vice Chairman of the Board of Directors of BLIK, responsible for product development and system partners. His previous experience includes the e-commerce and media industries.