Polish bank joins European Payments Initiative

Radek Pietruszka/PAP

PKO Bank Polski has joined the European Payments Initiative, an alliance of banks aiming is to create a unified payment solution for consumers and traders across Europe, the bank has announced in a press release.

According to the communique, PKO Bank Polski is currently the only Polish bank with membership of the initiative.

The goal of the initiative is to create a unified payment system for consumers and traders across Europe, encompassing a payment card and a digital wallet, and covering in-store, online and person-to-person payments, as well as cash withdrawals.

PKO Bank Polski joined the initiative on November 30 following a formal decision by the European Payments Initiative's board of directors.

The European Payment Initiative was launched on July 2, 2020, by 16 European banks: BBVA, BNP Paribas, Groupe BPCE, CaixaBank, Commerzbank, Credit Agricole, Credit Mutuel, Deutsche Bank, Deutcher Sparkassen- und Giroverband, DZ BANK Group, ING, KBC Group, La Banque Postale, Banco Santander, Société Générale and UniCredit.

The initiative is supported by the European Central Bank.