We recently came across a quite extensive discussion on a popular business social media website, triggered by a post published by one of users. The user claimed that his payment initiated with BLIK is irreversible, meaning that it is not subject to the chargeback procedure (available for payments initiated with certain payment cards). Since the discussion involved several misunderstandings or inaccuracies, which are also present in other areas of the commentariat, we decided to clarify and elaborate a bit more on this topic.

One of the tasks of the KNF expressly defined in the Act on financial market supervision is to take actions for the development of that market. It is about both stimulating its growth and taking care of its competitiveness and stability – all that being done so that the financial market can support the development of Poland’s economy. Higher competitiveness of the economy is determined by higher labour productivity rates, and these depend on capital accumulation rate (capital deepening), in other words – the level of investment. At the same time, a material rise in investment-to-GDP ratio (capital deepening) requires appropriate funding sources, i.e. a deeper financial market (financial deepening). This happens, since a developed financial market mobilises savings, which in turn increases the supply of funds for investment purposes, reduces the costs of capital through competition and better risk valuation, improves capital allocation and allows long-term funding.

Geopolitical tensions – especially those linked to Russia’s aggression against Ukraine, hybrid actions comprising, for example, cyber-attacks and disinformation, or incidents related to drones violating Poland’s airspace – raise questions about mechanisms securing uninterrupted access to cash for bank customers in the case of so-called crisis situations.