Payconiq, the mobile payments app supported by a host of Belgian and Dutch banks, is to merge with Bancontact, the Belgian market leader in electronic payments.
Created from a merger of ING's Payconiq with loyalty platforms Qustomer and KBC’s CityLife, the all-in-one Payconiq app has drawn the added support of Belfius, AXA Bank and BNP Paribas Fortis in Belgium and four further Dutch banks - ASN Bank, Rabobank, Regiobank and SNS.
The merger with Bancontact, which follows a recent takeover of Digicash in Luxembourg, is part of a bold move by Payconiq to create a multi-functional pan-European mobile wallet capable of initiating payments online, on the high street and from peer-to-peer via a direct connection with the customer’s payment account at one of the participating banks.
In 2017, Payconiq and Bancontact together processed some 15 million mobile payments - quadruple the number in 2016.
Ivo De Meersman, chairman of the board of Payconiq Belgium, says: “The new company has the ambition to bring mobile payments within reach of all merchants, including those who currently cannot accept such payments."
The merger is expected to be completed in the second quarter of 2018.