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PayPal Prompts Poland’s Banks to Team Up for Rival Payment App

  • Banks team up on mobile payments, leapfrogging Western peers
  • Startup has 3.5 million users, 2 million transactions a month
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Banks competing in one of Europe’s most cut-throat markets decided to team up on a new technology that allows their customers to leave their wallets at home.

The Polish startup, named Blik, enables customers of nine banks to draw cash from ATMs, wire money using telephone numbers and pay for goods or services on the internet and in shops without sharing card or bank data. Two years after its launch, it has 3.5 million users and enables 2 million transactions per month.