Payment Institution license for the company of the group

Apr 28, 2015 10:23 AM| will enter the market of money orders, transfers and payments, as an international supplier of online financial services.

The decision was made on 9th April at the meeting of the Polish Financial Supervision Authority. The Payment Institution license was given to Conotoxia sp. z o.o. - a company from the capital group, which includes Sp. z o.o. acts on behalf and for Conotoxia Sp. z o.o., with which it has signed an agent agreement.

What does it mean to the customers? It will be possible to commission money orders and payments all around the world via the website.

Every year, the Poles who work abroad send a few dozen billion PLN home. According to the NBP data (as written in “Rzeczpospolita”) approximately 60 percent of emigrants commission such transactions at least once a month. In the opinion of representatives, it is a huge market to be developed. Thus, the company intends to offer inexpensive transfer services.

The service is able to guarantee very favourable rates because the costs of possible conversion does not include any extra payments. Also, the spreads at the online currency exchange office are incomparably lower than those offered by banks.

At the same time, the company is preparing to enter the field of online payments. This service will enable transactions, e.g. shopping on Polish and foreign online shops and other obligations, to be settled quickly, safely and without additional costs.

- We are convinced that it will increase trust in our service. We have performed this project with an advantage for the whole capital group, and customers. We intend to expand our activity to be available to the whole world - says Piotr Kiciński,'s Vice-president of the Board.


Apr 28, 2015 10:23 AM|

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