Blockchain drives the FinTech market
The Polish FinTech industry is developing dynamically, mainly due to the cooperation of many creative startups with the banking sector. Most FinTech companies are young firms running their business for three to seven years. They are usually small teams of several to several dozen employees but the number of larger companies keeps growing. The most significant number of companies operate in electronic payments, software, or finance management. Undeniably, the dominant segment of Polish FinTech is banking and payments. However, FinTech is not passive in the face of change. In recent years, the importance of blockchain technology has developed, mainly due to cryptocurrencies and NFT, which are based on this technology. With the proliferation of blockchain technology in the FinTech industry, the decentralized finance industry - DeFi for short - has evolved. In recent times, artificial intelligence has also had a massive impact on the development of FinTech. Virtual assistants or bots as advisors are increasingly important in the service market today.Poles love cashless payments
The most widespread group of services offered by companies in the FinTech industry in Poland are payment methods. It includes both product innovations related to payment cards or the internet, mobile payments, and cryptocurrencies. Both Polish FinTech and banks have introduced many solutions that are also recognized abroad. One example is the Polish API standard adapted to the PSD2 directive, created by Polish financial institutions. Poland was one of the first countries to introduce instant transfers in the EU, and such solutions as Express Elixir or Bluecash generated growing interest. British Revolut, Czech Twisto, Polish DotPay, BlueMedia, and BLIK payment systems enable fast, secure, and seamless online payments. The BLIK system (Polish Payment Standard) was created by a Polish company. It reports record-high results in the number of transactions for a long time.The coronavirus (COVID-19) pandemic has strengthened the popularity of electronic money, which is slowly pushing traditional cash out of the market. By 2027, electronic transactions in the Polish FinTech industry are expected to amount to nearly 96 billion U.S. dollars.