Belfius and Banx customers can pay via Apple Pay and Bancontact

Wednesday 21 September 2022 15:20 CET | News

Belgian banking app Banx, powered by Belgian bank Belfius, has announced customers can now pay via Apple Pay and Bancontact.


From now on, customers will be able to add a Bancontact Belfius or Banx card to their Apple Pay digital wallet, and will be able to use this function to shop at all stores that accept Bancontact contactless payments.

Bancontact is the most popular method of online payment in Belgium. Customers may pay either via a Bancontact debit card, or by scanning a QR code on their phone. Through the partnership, Belfius becomes the first bank to support Bancontact in Apple Pay.

Belfius: About and recent activity

Founded in 1996, Belfius is a state-owned bank. It launched the Banx app in October 2021.

Belfius is currently involved in difficult negotiations with Wallonia’s Regional Government over the renewal of the bank’s contract as the region’s cashier. Belfius has expressed concerns about the ballooning of the region’s debt due to the pandemic as well as recent floods, but also about the rise in popularity of radical-left party PTB, which aims for high public investment. The bank is thus seeking to slash the length of its contract to two years.

Belgian banking app Banx, powered by Belgian bank Belfius, has announced customers can now pay via Apple Pay and Bancontact.


Digital payments in Belgium

A survey by organisations including Bancontact and Mastercard, whose results emerged in 2021, found that the Belgian population is moving overwhelmingly towards digital payments. The study reported that the proportion of Belgians who had made at least one mobile payment in a store rose from 30% in 2020 to 35% in 2021. The payment method is largely the reserve of the younger generations, the sharpest increase in interest being from 16-24 year olds, a quarter of whom cited it as their preferred payments means. On the other hand, the number of smartphone owners who intend to use the device for payments in the future (and are not already doing so) rose from a quarter in 2020 to a third in 2021.

The study also had interesting results in other areas of digital payments. It found that over 70% of Belgians had used contactless card payments at least once, and only 13% preferred to pay by cash. The study also found, remarkably, that the older generations were those most drawn to contactless payments; while only 36% of 65-74 year olds paid contactless in 2020, that figure had spiked to 76% by 2021. The age group even reported greater familiarity with the system than their younger counterparts.

Apple’s payment services in evolution

Apple Pay having enjoyed considerable success since its launch in 2014, Apple is broadening its horizons in the payments industry. This month, with the launch of iOS 16, Apple ventured into the Buy Now, Pay Later market, with the introduction of the Apple Pay Later feature on the new operating system. This allows users to split the cost of Apple Pay purchases into four equal payments over six weeks, free of interest and fee.

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Keywords: payments , online payments, online banking, digital wallet, contactless payments, mobile banking
Categories: Banking & Fintech
Companies: Banx, Belfius
Countries: Belgium
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Banking & Fintech




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