New integration with ING Bank Śląski
We are pleased to announce that a new integration with ING Bank Śląski has been established recently, which is a Polish bank based in Katowice. The bank was established as Bank Śląski in 1988 as a result of the separation from the National Bank of Poland. In 1991, it was transformed from a state bank into a limited company and in 1994 it debuted on the Warsaw Stock Exchange (ING BSK). Since 1996, the bank’s majority shareholder is the Dutch ING Group. In 2001 Bank Śląski merged with ING Bank N.V. Branch in Warsaw. Since then, the bank is operating under the name of “ING Bank Śląski”.
In 2017, ING Bank Śląski and Twisto Payments – a Czech fintech offering innovative solutions for payments in e-stores were incorporated Twisto Polska. The ING investment was made primarily to launch Twisto services on the Polish market and their innovative purchase formula “Buy now, pay later”, with which clients buying at e-stores can make orders and pay for them within 21 days. The Twisto payment method is available in the payment gateway imoje activated by the Bank in April 2018. It became the first bank-owned payment gateway in Poland. As of Q3 2018, the number of merchants has amounted 244 stores with the implemented imoje payment gate, of which 152 shops with Twisto payments. The payment gateway was recognized as the best tool for e-commerce in Poland.
The Polish e-commerce market was estimated at USD 11.1 billion at the end of 2017. It is expected to reach the value of USD 13.8 billion at the end of 2018 and USD 17 billion by 2020. With double-digit annual growth, Poland is one of the fastest developing e-commerce markets in Europe. The digital economy currently accounts for 3% of Poland’s GDP, and it is expected to rise to 9.5% by 2020. At the moment, e-commerce accounts for 7% of retail sales, and it is expected to reach 10% in the next 2-3 years. Poland is a hub for several e-commerce operations serving Western European countries, including Amazon and Zalando.