October 16, 2019
Weil has advised Polski Standard Płatności sp. z o.o., the operator of the BLIK system, in connection with the accession of Mastercard to PSP as an investor and the start of commercial collaboration between Mastercard and PSP. Once all of the regulatory requirements have been fulfilled, it will become possible for BLIK payments to be used globally at terminals that accept contactless payments with Mastercard.
Shares in PSP are currently held by six banks: Alior Bank, Bank Millennium, Santander Bank Polska, ING Bank Śląski, mBank and PKO Bank Polski. After the conditions indicated in the contract are fulfilled, Mastercard will purchase newly-issued shares in PSP and become its seventh shareholder.
“We are thrilled to have been able to advise our client during a transaction that involved the procurement of a new investor and which will allow BLIK, of which I have been a loyal user for a long time, to extend its functionality range and expand the provision of the service into foreign markets,” commented Paweł Zdort, the Co-Managing Partner of Weil’s Warsaw office.
BLIK is a Polish mobile payment system that enables mobile banking application users to make payments at points of sale and for online purchases, to make cash withdrawals and deposits at ATMs, and to make instant mobile transfers.
From the Weil Warsaw side, the transaction was supervised by Co-Managing Partner Paweł Zdort, and the team also comprised associates Katarzyna Łukaszewicz and Łukasz Czujko and law clerk Aleksander Jakubisiak. Partner Iwona Her and associate Irmina Trybalska were in charge of antimonopoly advice relating to the transaction.