The impact of selected regulations on the development of payments systems in Poland

Abstract

World trends indicate an increasing share of non-cash transactions in general transactions made by the non-financial sector. The promotion of non-cash transactions leads to the occurrence of various types of risks in banking operations. Modern technologies and household preferences, as well as the promotion of non-cash transactions, support the dynamic development of payment systems around the world. Non-financial sector is increasingly interested in new payment methods. According to the research, the global distribution of non-cash payments will be largely dominated by the e-wallet as well as debit and credit cards. The situation In Poland is different comparing to global trend. Bank transfers have a very large share in making non-cash payments. Despite we state that further marginalizing of trends leads to situation when profits in retail banking, mainly in the area of payments, is endangered. Data on retail payment systems supervised by the President of the National Bank of Poland confirm this trend. The preferred strategy for most banks is to create start-up programs (so-called incubators), to cooperate with companies from the FinTech sector, and to create venture funds to finance FinTech companies. Payment systems create a system composed of many complementary factors. Several types of risks related to the proper functioning of this financial market element are noticeable in these systems. According to the law, the National Polish Bank was entrusted with organizing monetary settlements and acting for the stability of the domestic financial system. System supervision is exercised over the payment system, which focuses on the functioning of payment systems, payment schemes, settlement systems and securities settlement systems, as well as providing acquiring services. Market regulators are facing a growing challenge regarding the level of regulation and availability of payment systems for non-bank payment organizations. Transformation of the supervision system is to be based on perception that development of systems and payment schemes is inevitable, the applicable regulations and the promotion of noncash transactions are conducive to the emergence of a larger number of enterprises that are not financial institutions, which can get access to household bank accounts.