What is Przelewy24?
Founded in 2004, Przelewy24 (or P24 for short) is a Poland-based real-time online bank transfer payment method that supports over 365 banks nationwide. According to the Przelewy24 website, the platform is often praised for its simplicity and ease of use, as all P24 users only need to choose their bank and log in to their trusted internet banking environment to authenticate a payment. The confirmation is received almost instantaneously.
With over 91% brand recognition, it is evident that this form of electronic payment is not only a national favourite with a high consumer reach, but also a must-have for merchants looking to break into the Polish eCommerce market.
How does P24 work?
Moving funds via P24 is a straightforward and hassle-free process. At online checkout, the consumer selects “Przelewy24” as their preferred payment method. Then, they hop to a P24-hosted selector page where they choose their bank from the list of banks displayed.
To action a bank transfer, the consumer needs to access their bank account using their credentials. The transaction information will appear for the consumer to review and confirm the payment via Secure Customer Authentication (SCA). In this instance, the consumer receives an SMS code to submit on the bank's page, yet the SCA method may vary from bank to bank.
When the transaction is authorised on the bank's page, the merchant is notified of the successful payment and the consumer is redirected to the merchant's eCommerce store.
What verticals does P24 serve?
The supported industries by P24 range from forex, gambling and gaming to general eCommerce, retail and travel.
How big is P24’s penetration in the Polish market?
P24’s popularity is reliant on various reasons. Data from International Monetary Fund (IMF) shows that the Polish economy is forecasted to grow by 4.5% in 2022.
At the same time, GlobalData highlights that the eCommerce market size in Poland was $29,631 million as of 2021, with an estimated surge of $34,114 million in 2022 and $47,228 million by 2025. The same source reports that the eCommerce spending per capita amounted to $774 in 2021, projected to hit $1,245 by 2025. The above figures on Polish eCommerce are mainly attributed to the accelerating number of consumers accessing the internet in Poland, resting on 51% as of 2021 and predicted to soar to 59% by 2025. Smartphone users in Poland are also on the rise. While they stood at 90.2% in 2021, they're expected to jump to a stratospheric 116.1% by 2025.
What’s more, survey from Statista demonstrates that fast transfers via P24 was the electronic payment option of choice for more than a quarter (35%) of Polish consumers in 2021. This comes as no surprise seeing that bank transfers were the most prevalent payment solution for 37.5% of Polish consumers in 2020, according to GlobalData.
Benefits of using P24
Adding P24 to your payment flow arrives with a plethora of benefits, some of which include:
- Convenience, as no registration is required.
- High acceptance rates with real-time payment authorisation.
- Speedy and easy-to-integrate online payment solution based on contactless bank transactions, which can encourage higher conversions.
- No risk of chargebacks, as the customer must authenticate the payment with their bank.
Accepting payments in Poland with emerchantpay
Expanding your reach to the Polish market while driving higher conversions with the payment methods your customers favour is key.
At emerchantpay, we take pride in our team of payment specialists who operate around the world and know the payment preferences of your local target audience inside out. We're committed to support merchants across various industries with wading through the regional market nuances to expand internationally and deliver greater customer satisfaction.
Let's get you up and running with P24, so you can receive maximum value from every customer transaction. Contact with our payment experts today.