The consortium includes Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank Slaski and PKO Bank Polsk, as reported by Reuters.
The banking group has also agreed to form a joint venture (JV) to create the standards for the proposed mobile payment system under the guidance of the Polish financial regulators.
Based on IKO application introduced by PKO BP in March, the new mobile system will enable the customers to generate a one-time transaction code and execute in-store payments and ATM withdrawals using the code.
The new payment system will also allow customers to send money to recipients by entering their mobile phone number, said the banks’ consortium.
Commenting on the mobile payment system, Bank Millennium CEO Boguslaw Kott was quoted by Reuters as saying, "This will be a more competitive system compared to the credit card system."
"The credit card system will probably be put under a question mark in the future," Kott added.
All the six banks together have 16 million customers, or 70% of the Polish market and they expect that the system will be rolled out by mid November this year.
