Emil Radziszewski said that the Polish payments market was saturated with online banking. In this particular area, clients are not looking for services that allow them to access their accounts or instant payments, as these services have already been in place for them since quite some time. What could revolutionise the payments market is the electronic central bank money. This solution will facilitate direct payments using a trusted currency, thus abolishing the whole system of agents. ‘It’s a change the payments market should prepare itself for’, Emil Radziszewski emphasised.

When talking about the challenges to financial market supervision brought by the expansion of new fintech services, Emil Radziszewski stressed that on one hand, there were services that had already been well known and regulated, for example payment account or payment instrument, for which new applications were sought, mainly in the field of instant payments or direct payments. On the other hand – and this is a challenge to the supervisory authority – we see new services emerging, not yet regulated or covered by relatively new regulations. In this context, Emil Radziszewski referred to the Regulation on MiCA. ‘At the UKNF, we are making organisational and operational efforts to prepare ourselves to handle these new future tasks. We’ll probably see new providers, whom we don’t know but whom we’ll have to recognise, whether through licensing or supervision’, Emil Radziszewski said.

Referring to the development of new services in the market, he said that the key to success was not ‘a great idea for a payment service or instant payment’ but building confidence and positive user experience, which shows that the service is reliable, the funds are safe and that the client can make payments easily. It takes a lot of work to build such strong position and start-ups do not seem to be the leaders in this.