The collaboration aims to enhance the security of the Payconiq by Bancontact mobile app by introducing multi-factor authentication.
Payconiq, which merged with Bancontact in 2018, offers users the ability to conduct payments, money transfers, and financial management through their smartphones. According to the company press release citing data from payconiq.be, in 2022, customers utilised the Bancontact Payconiq service to execute 275 million mobile payments, representing an 800% increase over five years. Specifically, in December 2022, 82% of online payments were made using the Payconiq by Bancontact app or with a banking app incorporating Bancontact and/or Payconiq. The other 18% were paid with a bank card and card reader.
To further streamline user transactions and enhance security, a new version of the app has been launched. BICS, through its communications platform and network, adds an additional layer of user authentication. Officials from Bancontact Payconiq Company emphasised the importance of a user-friendly experience while maintaining customer security. The collaboration with BICS, a trusted player in the communications field, was driven by this need for reliability.
The new application employs multi-factor authentication, requiring customers to verify their identity with an SMS code sent to their mobile device upon initial login. This measure was designed to improve security by guarding against unauthorised access to accounts. BICS' communications platform utilises 'short code' numbers instead of full mobile numbers to power this feature.
These shortcodes are typically more trusted by both operators and consumers, as they require approval from mobile operators in advance, making them less accessible to scammers. Ensuring the reliable delivery of these 2FA messages is crucial for Bancontact Payconiq to avoid disappointing or losing customers.
Representatives from BICS noted that this partnership with Bancontact Payconiq Company reflects the evolving demands of today's customers and businesses. In an era where reliable communications are essential for various aspects, including marketing, operations, security, and customer experiences, BICS is working to simplify processes for all parties involved.
BICS is a communications platform company that aims to provide reliable and secure mobile experiences worldwide. The company's solutions cater to the needs of modern consumers, covering global mobile connectivity, seamless roaming, fraud prevention, authentication, global messaging, and the Internet of Things. Headquartered in Belgium, BICS maintains a presence in other parts of the world such as Africa, the Americas, Asia, Europe, and the Middle East.
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