You won't pay in cash, and the card won't aid either. large changes in payments are coming

The payment strategy in Poland awaits immense changes that can affect any consumer. Banks and financial institutions introduce new transaction ruleswhich will limit the anticipation of conventional cash and card payments. Is Poland moving towards full money digitization?

Cash on the censor – why not pay with bills?

We've been watching for a fewer years. systematic simplification of cash use. Although the government ensures that banknotes and coins do not disappear, the reality is different. In practice, many trading points introduce cash transaction limits, a banks make it hard to pay large amounts.

Currently in Poland cash payment limit for companies is PLN 15,000but there are proposals to further reduce this limit. In addition, the European Commission plans to introduce a limit EUR 10 000 for cash transactions, which means that higher amounts will should be adjusted by transfer or credit card.

The problem besides concerns average consumers. More and more shops and service outlets are no longer accepting cash, explaining this with safety and convenience. In practice this means that cash can become useless in any places.

The payment card is not adequate – what changes?

Many Poles believe that card payment is simply a safe alternate to cash. However, even this kind of transaction may shortly become difficult or insufficient.

Banks test new payment authorisation technologies, which are intended to increase safety but at the same time can introduce additional restrictions. Possible changes are:

• Mandatory biometric authentication – alternatively of giving the PIN code, transactions may require a facial scan or fingerprint.
• Dynamic payment limits – bank can automatically block larger transactionsIf he finds them suspicious.
• Need for a one-off code from a banking application – this may make it hard to pay older people or those who do not usage mobile banking.

That means even with the funds in your account, you can not be able to pay with a card in the store without additional authorization.

Digital money – is Poland moving to e-currency?

National Bank of Poland and European Commission are working on a concept digital moneyto become a fresh form of payment. Introduction E-gold or e-euro would mean that cash can actually stay phased out.

Central bank digital currency (CBDC) has respective key features:

• Full control of transactions – Government and banks could follow any spending of citizens.
• No anonymous payments available – any transaction would be recorded.
• Potential expenditure constraints – it would be possible, for example, to establish that digital money can only be spent on circumstantial purposes.

The introduction of specified a form of currency raises much controversy. Supporters argue that it is a way to fight the grey region and money launderingbut the opponents point to hindering the financial privacy of citizens.

What does that mean for the average Pole?

1. Less and less places will take cashand the banks may make her pay more difficult.
2. Card payment may require additional authorisation, for example biometric.
3. Digital money can become a fresh standard, which means full control over public spending by the state and banks.

How to prepare for these changes?

• Have respective payment methods – do not trust solely on cash or card.
• Follow changes in banking – it is worth knowing what fresh regulations enter into force.
• Consider alternate ways to store value, e.g. gold, cryptocurrency or another assets that may be more resistant to digital regulation.

Changes in the payment strategy in Poland are inevitable. Cash is gradually being displacedand card payments may require additional authorisation. At the same time, force on currency digitizationwhich could mean the end of anonymous transactions. It is worth preparing for these changes and now take care of diversification of payment methods.