Payconiq and Bancontact merge to expand mobile payments in Belgium

Wednesday 28 March 2018 08:41 CET | News

Belgian payments apps Payconiq and Bancontact have agreed to a merger in order to better position themselves as a mobile payments provider in the country.  

Together they will become the Bancontact Payconiq Company. In 2017, Payconiq and Bancontact together processed around 15 million mobile payments.

With the growth of a cashless society – two out of three Belgians surveyed rarely carry cash anymore and 29% believe cash will disappear completely in a decade – mobile payments are becoming the new norm. More than half of Belgians (60%) say they would prefer paying by mobile everywhere.

Payconiq, an initiative originating from ING’s innovation center, makes mobile payments instant and seamless without merchants needing to have a special payments terminal. Users simply link the app to their bank account and can use it to instantly pay for their online and in-store purchases from their phone. 

The Bancontact app and Bancontact card enjoy widespread trust among web-stores, retailers, merchants and banks and will ensure broad reach among Belgian consumers.

The merger is expected to be completed in the second quarter of 2018.

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Keywords: Payconiq, Bancontact, mobile payments, ING, Belgium, mobile payments in Belgium
Categories: Payments & Commerce | Mobile Payments
Countries: World
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