Proximity Payments Growing in Eastern Europe
Mobile wallets and proximity payments are gaining significant ground in Eastern Europe. They are popular in such countries as Poland, Russia, Ukraine and Czech Republic, with millions of consumers routinely utilizing them. While Apple Pay leads the region, local players such as Poland’s BLIK are also emerging. BLIK allows payments as well as peer-to-peer transfers and ATM withdrawals.
However, it is struggling to dent the share of larger players. In the wake of the coronavirus pandemic, proximity payments will continue to rise, as they provide a contactless solution to payment. Euromonitor International estimates that in 2020, mobile proximity payments in Eastern Europe are going to show a very strong dynamic, exceeding a 30 percent growth rate.