ING and Rabobank partner for Payconiq mobile payments method

Payconiq allows their users to pay online and in-stores by scanning a QR-code. Thanks to a direct connection with the user’s bank account, transactions can be swiftly processed against low costs for the merchants. Merchants can integrate Payconiq directly into their cash register or use a third party payment provider, as for example, the internet cash register Kassa Compleet or CCV.

Several Dutch merchants have signed up to accept mobile payments through Payconiq. As more join the network, the company is optimistic that more banks will offer a direct connection to the mobile payment method. The payment service will also be available through multiple online Payment Service Providers.

Payconiq users can also transfer money to friends and family by selecting a fellow Payconiq user from the personal contact list in their smartphone. Payconiq is free to use for consumers and can be used at over 45.000 merchants in Belgium and Luxembourg and soon in Germany where Payconiq has been released earlier this month.

Payconiq is a European payment initiative with offices in Amsterdam, Brussels, Hasselt, Luxembourg and Munich.Payconiq, the 2014 brainchild of the ING innovation lab, was founded in Amsterdam. Over 45,000 shops are now actively connected to the system. Payconiq is currently being used in Belgium, the Netherlands, Germany and Luxembourg.