Mastercard Inc. is set to join Polski Standard Platnosci Sp. z o.o, which operates Poland's mobile payment system Blik, as a new shareholder, with the transaction expected to be completed by the end of June, Rzeczpospolita reported May 26, citing unofficial market sources.

Mastercard will most likely acquire new shares of Polski Standard Płatności in a deal through which it will become the owner of one-seventh of the company. Details of the transaction, which values the entire Polski Standard Płatności at around 500 million Polish zlotys, are still being discussed, the newspaper noted.

Rzeczpospolita also said May 27 that Polski Standard Płatności and DXC Technology plan to sell and implement the technology used by Blik in the United Arab Emirates, where it will be used to service payments for public services, with the launch expected in 2020.

Polski Standard Płatności was set up by Polish lenders Alior Bank SA, Santander Bank Polska SA, ING Bank Śląski SA, mBank SA, Bank Millennium SA and PKO Bank Polski SA in 2013 to develop mobile payment system Blik, which was launched in 2015. The number of payment transactions carried out via Blik tripled year over year and reached almost 40 million in the first quarter of 2019, Rzeczpospolita noted.

As of May 27, US$1 was equivalent to 3.83 Polish zlotys.