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PolCard hopes its plastic will win in neighbouring markets

PolCard, the largest credit card transactions processing company, wants to launch operations on foreign markets later this year.

Counting on cooperation with banks and other financial institutions, the company wants to focus on Lithuania and Slovakia. "We would like to provide our processing and card issuing services. Credit card management in our outlets will not be our primary foreign offer," said Adam Parafiniewicz, PolCard president. The company is currently considering the best method of entering the foreign markets. There are two options, organic growth in the region or acquisitions. The first option would be financed with PolCard's own capital, while the second is cooperation with an investor, most probably the American GTECH group. PolCard also wants to increase its profit from the domestic market. "Our network currently comprises 41,000 points where credit cards are accepted. In 2006 the number will grow to 50,000. We project a 30% increase in the number of transactions and almost the same increase in their value," said Parafiniewicz.

(WBJ 25.iv.05)

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