Instant Transfers Surge 62%, Outpacing Traditional Methods

The Express Elixir system, facilitating instant transfers and phone number-based transactions (within the BLIK system), saw a remarkable 62% surge in transactions in 2023 compared to 2022, according to the National Clearing House SA. Meanwhile, the traditional Elixir system processed 2.22 billion transactions worth PLN 8.47 trillion in 2023, marking a 2% increase in transactions and an 8% rise in value compared to 2022.

Notably, December 2023 witnessed 186.58 million transactions worth PLN 755.46 billion, indicating a 3% decrease in transactions and a 4% increase in value year-on-year. The Euro Elixir system experienced an 8% increase in transactions and a 2% increase in value. Express Elixir exhibited an annual increase of 62% in transactions and 38% in value, with December 2023 alone recording a 58% rise in transactions and a 37% increase in value compared to December 2022. It's noteworthy that the cash payment limit for entrepreneurs is PLN 15,000, while consumer cash turnover has no limits. The National Clearing House, initiated by the National Bank of Poland, the Polish Bank Association, and 16 commercial banks, plays a crucial role in the electronicization and professionalization of interbank settlements in Poland.

Source: obserwatorfinansowy