June 14, 2017 The world is developing at an unimaginable pace. Modern technologies go even further in their innovation and surprise us with their simplicity and sophistication. The development does not bypass the financial sector, which eagerly uses convenient and safe innovations. Clients of financial institutions quickly get used to the latest solutions proposed, which ensure comfort. The technologies introduced allow consumers for freedom and independence in financial operations. Particular facilitations are associated mainly with shopping, which more and more people do online. Electronic and mobile banking, which most of us already use, enjoy great popularity. The non-bank sector can also boast popularity – online loans are becoming more modern and publicly available.
Poles are the European leader in online shopping
Online shopping has become commonplace. Everyone makes certain transactions exclusively via the Internet. Some of us do it more often and more willingly, others less often. However, from year to year the latter group is significantly shrinking, and Poles are getting used to the convenience of shopping without leaving home. According to a recent study by Mastercard, Polish consumers shop online three times more than other Europeans. 9% of Poles surveyed declare everyday online shopping – this is the best result in Europe, which led us to the position of the undisputed leader. Most Poles buy online once a month – as much as 25% of respondents. In the same study, many of us also declared that they often make contactless payments and are cautious about paying with cash. However, we are still afraid of shopping in foreign online stores. This is probably associated with concerns about the quality of the goods. For many people, an obstacle is also the language barrier, which often does not allow free understanding of the offer and its regulations.
The most important thing in online payment is speed
As it turns out, for Poles the most important is speed (35% of respondents) and convenience (34%), which have a significant advantage over transaction security, because only 19% of us take over it – the European average is 30%. It probably results from the fact that we assume that the selected online payment methods are simply safe. The participants of the Masterindex study also talked about the preferred methods of payment when shopping online. Polish consumers making purchases in online stores pay mainly using a computer (up to 68%), while they mainly use payment cards or specially developed applications. Online payment mechanisms, such as transferdeq, paypal or systems that allow online purchases to be enjoyed, are very popular. The rest of us openly admit to using the m-commerce sphere and making purchases using a smartphone. During such purchases, we use mobile banking applications (21%), payment cards (15%) and digital wallets (9%).
Mobile banking necessary when shopping
Electronic banking has already conquered the banking sector many years ago, which today would no longer be able to give up such a huge convenience. However, the era of smartphones and applications meant that in this form in some situations it ceased to be sufficient for us. So there was a demand for mobile banking applications, thanks to which we have completely unlimited access to the account and money – after all, everyone has a telephone with them. We could exchange endless situations in which mobile banking is necessary. Mobile banking applications are particularly useful when shopping in stationary stores. Each of us had a moment of uncertainty as to whether there is definitely enough money on our account to buy a new jacket or branded pants. Today, the problem does not exist – just pull the phone out of your pocket, log into the bank and check your account balance. And what if we want to pay with a specific card, but we do not have funds on it? Also, just turn on the application and make a quick transfer between accounts. Very intuitive and well-developed mobile applications can be found in the ING bank and mYBank.
How to pay by phone?
Going a step further, we should mention even more modern forms of payment, which are proposed by the constantly growing number of banks and mobile network operators. I am talking about contactless mobile payments, which are becoming more and more popular for consumers. Imagine a situation when we suddenly run into the store, choose products, approach the cashier and realize that we have forgotten the wallet. Trouble? Absolutely not. We put the phone to the terminal and make the payment. Seemingly trivial, but most of us probably ask the question “how to pay by phone?” This option existed before, but it was much more complicated. It required having a specially coupled NFC-SIM card, which we could get from the operator, but the condition was also to have the right phone model. Today payments are based on cloud or Android Pay. When we have such operating systems and a phone with an NFC antenna, the next step is to install the bank’s mobile application that supports the function of contactless mobile payments. From now on, our smartphone will become a payment card – the phone with the screen unlocked is brought closer to the terminal, and in the case of an amount higher than PLN 50 we enter the PIN. Voila – quickly, easily, safely.
Which banks support phone payments?
Currently, as many as 12 Polish banks enable mobile payments for their clients. Some of them offer perfectly developed applications, others are just working on the innovation of their proposals. The Forsert application is certainly commendable and recommendable. By using this service, you can completely opt out of your payment card because it is directly connected to your bank account. Thanks to PeoPay we will pay at all service outlets that have terminals with the contactless payment function – up to 460,000 payment terminals in Poland. Payments by phone also allow mYBank and PB. Consumers also very often use the service offered by Google. We are talking about Android Pay, which, along with banking applications, is also an innovative solution. To use this innovative service you will need an Android phone (from version 4.4 and above) and an NFC antenna.
Online loan on request
The changes cover not only the banking sector. The non-bank loans industry is moving dynamically with the times. Solutions prepared by loan companies delight clients with minimal formalities and speed in providing financial support. Everyone knows that unplanned, spontaneous shopping is the best. However, unexpected trips to shopping centers like to happen when we do not have adequate resources. In the era of current innovations, this is no longer a big problem. We can take a non-bank loan in 15 minutes using our smartphone. Lenders usually do not require documents other than an ID card. While this is our first loan, we can count on the opportunity to take advantage of the promotional offer free payday pay, which is a very favorable form of commitment. The application will then be filled in online or by phone. It is worth considering which way is more convenient for us – a loan on the phone or payday loan online. All we have to do is while waiting in the queue to complete the short application and wait for the transfer of cash. Based on mobile websites is one of the main mobile solutions in non-banking institutions.
Online loans fuel trade
Wonga has been conducting research on Poles’ attitudes towards online loans over the past two years. They accurately represent what we borrow the most. Comparing the results of surveys from 2015 with current ones, one can notice a significant increase in borrowers’ interest in the commitments offered by loan companies. The largest percentage increase is enjoyed by loans that help finance occasional purchases, such as buying clothes or completing school layettes – the increase is as much as 140%. Invariably for years, we have most often borrowed apartments for renovation – that’s what 37% of respondents declared. Financing the purchase of a car with a loan comes second. Subsequently, we make a commitment to finance unexpected expenses, pleasures and the purchase of electronic gadgets. Unlimited access to loans and easy access to them means that an increasing number of people decide to make a commitment if the budget is not sufficient. Thus, we significantly support the Polish retail market, which benefits significantly from the growing purchases of borrowers.