Six Polish banks have collaborated to launch a new bank-run mobile payment service in the country to allow customers to make payments, withdraw cash and send P2P transfers through their mobile phone.

Polish Payment Standard, a company formed by a group of six banks comprising Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski to facilitate mobile payments in the country, will manage the initiative, reported

The service, which is due to go live in the first week of February, will allow payments by generating one-time password to log in for the first time besides permitting quick payments to existing contacts without logging in.

The system will support Android, Apple iOS and Windows Phones, with expectation to reach 70% of banking customers in Poland.

mBank transaction products and services head Joanna Erdman said: "It is based on mobile technology, and we are going to offer a new mobile app with this function inside.

"Once the system itself is live, we at mBank would like to use it to include further abilities, including Peer to Peer payments before the end of the year, mPOS for merchants and NFC, which is fast becoming a standard in Poland."