Weil, Gotshal & Manges has advised Polski Standard Platnosci sp. z o.o., the operator of Poland's BLIK mobil payment system, on an agreement with Mastercard to establish a mobile payments system.
BLIK 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.
Polski Standard Platnosci will act as an investor. Once all of the regulatory requirements are fulfilled, BLIK payments will be accepted globally at terminals that accept contactless payments with Mastercard.
Shares in PSP are currently held by Alior Bank, Bank Millennium, Santander Bank Polska, ING Bank Slaski, mBank, and PKO Bank Polski. Weil reports that, after the conditions indicated in the contract are fulfilled, Mastercard will purchase newly-issued shares in PSP and become its seventh shareholder.
Weil's Warsaw team was led by Co-Managing Partner Pawel Zdort, supported by Partner Iwona Her, Attorney-at-Law Irmina Trybalska, Advocates Katarzyna Lukaszewicz and Lukasz Czujko, and Associate Aleksander Jakubisiak.