Payconiq


Payconiq is a Luxembourgish based company developing an electronic payment system with the same name, which started operations in Belgium in 2015. The payment system is meant to help pay back friends and can also be used to pay cashless in stores by using the app on your smartphone. The system was launched by ING Bank and was joined later by Belgian banks KBC Bank and Belfius. The payment system also operates in the Netherlands and has been launched in Luxembourg through the acquisition of the Luxembourgish fintech startup Digicash Payments. The company aims to service the entire Benelux region by mid 2018 with the aim of expanding European-wide. Since January 2018, Payconiq started a pilot program for their services in Munich, Germany.

Belgium

Payconiq Belgium and the Belgian payment system announced in March 2018 their intention to merge. The merger was finalized in July 2018 and the company is currently named Bancontact Payconiq Company. The new company got a capital injection of €17,6 million of its five major shareholders Belfius, BNP Paribas Fortis, ING, KBC and AXA. It then also merged its two existing payment apps called 'Payconiq' and 'Bancontact' into one app called 'Payconiq by Bancontact' which is supported by 20 Belgian banks and 290.000 stores in Belgium.

System

The consumer downloads the app through the App Store or Google Play on the smartphone and couples the app to his or her bank account. Then, the consumer chooses the beneficiary out of a list with stores or friends. The beneficiary enters the amount due to pay and the consumer enters the pincode or fingerprint.