Polish financial institution PKO Bank Polski has launched its first mobile payment solution, called IKO. Based on the mobile payment platform of Swedish company Accumulate, the product supports mobile banking and payment services at the point of sale, real-time peer-to-peer payments and cardless withdrawals from ATMs.

"The possibility of paying by a telephone creates brand new quality regarding convenience, availability, as well as meeting of customers' expectations," said Piotr Alicki, CIO at PKO Bank Polski. "[The] combination of banking and transactional functions in one device is a real breakthrough."

Alicki said PKO Bank Polski is a pioneer in mass mobile payments in Poland and that its proprietary solution could become a local mobile payments standard in the European market.

HP also partnered in the IKO deployment, providing requirements and specifications for implementation, system integration and development, the bank said.

The IKO mobile payment service supports both Android and iOS devices. It currently is available only to PKO customers.

Read more about mobile banking.