PayU has become the main payment method for Allegro, a Polish e-commerce company

Poland has been one of the strongest performers in central Europe in recent years, thanks to its long history of outperforming the EU. Poland is already the largest recipient of foreign direct investment in central and Eastern Europe, and its e-commerce boom is growing at 25% a year.

According to official IMF figures, Poland’s GDP growth rate is 5.1% in 2018. As a result, Poland’s Consumption rate has been on the rise. Official IMF data show that Private Consumption rose 4.9% in 2017 and 5.9% in 2018.

Today, about 67 percent of Poles use the Internet, and 54 percent of them shop online every week. This figure is expected to increase in the coming years as consumers have more confidence in secure online payment methods.

The most common method of payment in Poland is online bank transfers, which are three times as common as credit or debit card payments. According to PayU, more than 80 per cent of transactions are made through linked Payment (PBL) bank transfers, making it easy for consumers to log into their bank account and receive a one-time verification code to complete the purchase. With 15 years of experience in the Polish market, PayU is fully aware of the challenges and opportunities of this fast-growing market. The growth of cross-border e-commerce is mainly due to price, quality and commodity substitution.

Photo credit:PanU website

As online shopping becomes more common, online payment systems are also on the rise. A Polish e-commerce company Allegro said that PayU has the highest usage rate on its platform among the online payment systems Dotpay, PayU, Przelewy24 and BLIK connected to its platform.

Founded in 2002, PayU is a global cross-border payment system that allows users to make real-time transfers via online banking and support refunds in Europe, Latin America, Africa and India. PayU now supports almost all of Poland’s mainstream Banks, including Bank Pekao, Savings Bank of Poland and mBank, which is one reason why it is so popular in Poland.

Photo credit:Allegro website

Allegro vendors can activate PayU simply by opening the payment Settings, providing the seller’s personal information and bank account, and setting the payment method and payment date, according to the Allegro platform.

Allegro was founded in 1999, with a history of more than 20 years. It started as an auction website. With the continuous development of the platform and the increase in the number of users, Allegro eventually became one of the few platforms that surpassed ebay and Amazon in the European market.