Turnover of internet currency exchange offices up in 2020
16:00
Currency One, the company that runs the oldest and one of the largest currency exchange services Walutomat and InternetowyKantor.pl, summed up the past year.
The pandemic has severely weakened the economy, and the past year has been dramatic for many industries. This had a strong impact on the exchange rates, and the volatility of exchange rates always causes increased turnover in exchange offices. This industry, as one of the few, has gained a lot this year.
"Increase in turnover and registration on our websites at the level of 30 percent and 24 percent, respectively, was significant. As our data shows, virtually all values increased their parameters. Poles sent foreign currencies more and more often, and the value of the average currency exchange transaction increased. by 15 percent. Customers were also more willing to use the new deposit methods, as evidenced by the over 40 percent increase in transactions made by Przelewy24,” Piotr Kurczewski, president of Currency One, said.
The industry gains were caused by dramatic events in the world related to the fight against the pandemic, which influenced changes in exchange rates. This volatility largely determines the turnover in the forex market.
“We last watched such large fluctuations in exchange rates in 2015. The largest turnover in currencies occurred during the first days of the pandemic when the lockdown was announced in Poland,” Maciej Przygórzewski, the main currency expert of Currency One, added.
The online currency exchange industry has been doing great on the Polish market for over 10 years. Experts estimate that its annual turnover is now around PLN 45-55 billion (not counting online bank exchange offices).
(PAP)
