Started in 2012, it has been deployed on a national scale in Luxembourg (Europe). With P&T Luxembourg (www.pt.lu) as the second bank to offer Digicash as of July 2013, this mobile payment product is now available to more than 60% of Luxembourg's consumers.

Digicash was first launched with Luxembourg's largest retail bank BCEE in November 2012. On the payer's side, the product is available as an App for iOS and Android smartphones through participating banks. Payments are made via SEPA Credit Transfers from the payers' bank accounts using existing interbank channels (STEP2). Digicash is not only suited for payments of small amounts: the default spending limit is set at 2,500 € per transaction and per week.

Affiliated merchants accept payments both at their points of sale and remotely, for e-commerce and payment of bills. After only 8 months on the market, the product has achieved a significant adoption by retailers, billers and small merchants. Right from the start, consumers showed a huge interest in the App, making it the fastest growing digital banking product ever to be launched in Luxembourg. It made it to the top spot of the local App Store for more than two weeks. Several more banks are expected to join over the coming months.

Digicash is among the first multi-bank mobile payment solutions in Europe to be fully operational. It relies on the strong, trusting relationship between consumers and their retail banks regarding everyday payment services and tools. The direct link to customers' current accounts and the easy-to-use sign-up process ensure maximum convenience.

The company behind the product and the national mobile payment scheme is the Luxembourg start-up Digicash Payments S.A., which was incorporated in May 2012 and holds an EU Payment Institution license. It is backed and run by local entrepreneurs who had already established a mobile operator-based payment system covering Luxembourg and French markets.

After successful local establishment of Digicash, the company will aim at using the highly competitive Luxembourg financial centre as a springboard to enter international markets. Digicash provides banks with an EU regulation-compliant end-to-end mobile payment solution with a proven track record.