Payconiq and Bancontact, the dominating mobile payment solutions, will merge and In The Pocket is sitting front row at the fintech wedding of the year! We’ll develop the new mobile app, a first result of the merge.
In March 2018 it was announced that Bancontact, the company responsible for the favourite payment means of the Belgians, will merge with Payconiq Belgium. The latter is an initiative by ING, KBC and Belfius and has been downloaded over half a million times since its launch in Belgium. On the other hand two million transactions are already completed using the Bancontact app every month.
Match made in heaven
Payconiq eliminates the need for merchants to invest in an expensive terminal to be able to accept mobile payments. Instead you use your phone to select a merchant from a list based on your location, or by scanning a QR-code and then entering the amount you want to pay.
The Bancontact app launched in 2014 enables a similar scenario, supporting a large network of existing payment terminals in brick and mortar stores as well as a myriad of webshops that accept Bancontact payments via payment service providers such as Adyen, Ingenico and Worldline. 30% of e-commerce payments with Bancontact are already performed using the Bancontact app.
Bancontact, being a household name in Belgium for decades, and its extensive acceptance network combined with the growing number of merchants (often smaller shops that avoided the purchase of a terminal) on the Payconiq platform will boost the use of mobile payments in the coming years. Merging the expertise and innovation of both companies will thus provide real advantages for users:
- Less fragmented market, you’ll be able to pay with the same application across a wide range of on-and-offline merchants.
- More merchants will accept mobile payments as integration and running costs are lower.
- Features of both products are complimentary.
In The Pocket was at the forefront of mobile payments in Belgium. It has been working on the strategy and development of the Bancontact app since its early days four years ago. Building and maintaining such a complex product, without compromising on security or an easy to use interface is In The Pockets’ bread and butter.
We’re happy to announce we continue our partnership with the team at Bancontact Payconiq Company as they elected In The Pocket for the challenging task of combining both products in one clear offering for their users. The new application will be called “Payconiq by Bancontact”.
Looking forward to continue pioneering the payments landscape in Europe!