53 min
Despite the dynamic growth of cashless and digital payments, Poles remain loyal to traditional payment methods. For many of us, having cash in our wallets provides a sense of security. What lies behind this phenomenon? Are ATMs, which were predicted to disappear long ago, truly becoming an “endangered species”?
We will discuss this topic in the next episode of our podcast VISIONERS with Adam Matyaszek, Vice President of ITCARD, who will share insights into the future of payments in Poland and innovations in the banking and fintech sectors.
In today’s episode
Poland – A Laboratory of Innovation in Payments
For years, Poland has stood out as one of the most innovative payment markets in Europe. It is here that new technologies are tested, often becoming benchmarks for other countries. One example is the world’s first mass installation of deposit ATMs—machines enabling both cash deposits and withdrawals.
Despite the growing popularity of cashless payments, ATMs remain an important element of the payment infrastructure. Adam Matyaszek, Vice President of ITCARD, emphasizes that the company operates over 7,500 devices, about 5,000 of which belong to the Planet Cash network. This proves that Poles still value cash, despite the increasing number of payment terminals and mobile applications.
Why is cash still important?
The surge in cash circulation in Poland—from approximately 200 billion PLN before the pandemic to the current 400 billion PLN—results from several factors, such as inflation and money printing. The average ATM withdrawal value has risen from around 300 PLN to nearly 1,000 PLN. For many people, cash continues to represent a sense of control and security, making it an indispensable part of daily life. Modern ATMs, particularly recycling devices, address these needs by enabling convenient and fast cash withdrawals and deposits.
ITCARD’s innovative approach
ITCARD, a leader in the Polish payment market, does not limit itself to ATM operations. The company also develops payment terminals and e-commerce solutions. Thanks to its proprietary payment platform, ITCARD can process card, terminal, and online transactions within a single ecosystem, enhancing customer convenience and security.
One of its latest projects is a mobile cash deposit and withdrawal system based on a smartphone app, eliminating the need for traditional payment cards. This is yet another example of Poland’s innovation in payments.
ATMs – The future of an “endangered species”?
Despite the advancement of new technologies, ATMs in Poland remain a vital part of the financial infrastructure. Predictions of their demise have not come true—their functionality continues to evolve, and the demand for cash remains high. ATMs still hold their place in the market alongside cashless payments. The value of individual cash transactions is also increasing, indicating that both payment methods serve different but equally important roles.
Innovation in banking services: Collaboration with Allegro and IoT
The banking and financial services sector constantly requires new, innovative solutions. One example is ITCARD’s collaboration with Allegro, one of the largest players in Poland’s e-commerce market. Allegro has expanded its offering with a financial product, allowing users to utilize a payment card both on and off the platform. Thanks to a partnership with VISA, Allegro can provide banking services that were previously only available through traditional banks. This illustrates how e-commerce companies can reshape the payment landscape.
Technologies such as the Internet of Things (IoT) are also playing a significant role in transforming the financial sector. Devices like ATMs, payment terminals, and cards are increasingly integrated with mobile applications, enabling more streamlined financial management. ITCARD is investing in the development of such solutions to make financial control easier for users.
Data collection and analysis
Data collection and analysis are crucial elements in the development of payment technologies. By analyzing behavioral data, ITCARD can provide services tailored to user needs. For instance, analyzing transaction frequency and payment preferences allows for offering customers better, more efficient solutions suited to their expectations.
Long-term partnerships with clients
ITCARD builds its client relationships on long-term collaboration, not just one-time equipment sales. The company focuses on supporting clients through digital transformation, helping them leverage the full potential of new technologies and adapt to the changing financial services market. Clients using payment terminals or ATMs gain access to innovative financial products that were once exclusive to large banks.
The future of payments: Regulations and innovation
The future of payments will be driven by technologies such as artificial intelligence, biometric payment methods, and mobile payments. Poland, as a leader in payment innovations in Europe, has introduced solutions like contactless payments and BLIK, which have gained massive popularity. The further development of technologies such as eye payments (PayEye) or SoftPOS will allow for the continued evolution of the payments market.
Not only will technological innovations shape the future of payments, but also legal regulations, which will need to address new challenges related to security and data protection. At the same time, growing competition in the payments market, including new players like Allegro, will pose a challenge to traditional financial institutions, changing the rules of the game in the banking and payments industry.
The payments market is undergoing rapid changes, driven by new technologies, growing competition, and regulations. Poland is one of the leaders in this field, and companies like ITCARD play a key role in adapting the market to new demands. In the future, payments will become increasingly integrated with modern technologies, while cash, despite the growth of cashless payments, will still have its place in the market.
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