On November 9 of this year, Poland adopted a statement in support of the European Payments Initiative (EPI). The initiative is also supported by countries such as Belgium, Finland, France, Germany, Spain, and the Netherlands.
The European Payment Initiative is a pan-European solution created to bring together cards and instant transfers under one brand. Currently, more than 30 institutions, among which are mainly banks, have already joined the EPI.
„The construction of the European Payment Initiative is the response of EU financial institutions to the needs of businesses and consumers in an increasingly digital and cashless economy. That is why Poland together with six EU countries joined the initiative of political support for this project.” – Finance Minister Tadeusz Kościński points out.
The resulting initiative is to create an innovative European solution that will be an alternative to existing ones. Moreover, the EPI aims to counteract the market fragmentation that still exists in the European retail payments market.
„The success of the BLIK payment system, which within a few years became the leading payment solution in online payments in Poland, is proof that Poland has experience in this area. Our developed instant payment systems and modern banks and fintech ecosystem are strong foundations on which to build pan-European solutions in the area of cashless retail payments.” – emphasizes the Minister.
