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April 21, 2017updated 18 May 2017 11:28am

Banks to launch Payconiq app in the Netherlands

By Douglas Blakey

Six Dutch banks – ABN AMRO, ASN Bank, ING, Rabobank, Regiobank and SNS – are gearing up to introduce Payconiq mobile payment solution in the Netherlands this summer.

Developed by ING in 2014, the payment solution will allow consumers and merchants to send and receive direct payments online, in-store and peer-to-peer. The app makes a direct connection with the customer’s payment account at one of the participating banks.

Payconiq has been successful piloted and launched in Belgium with support from ING, KBC and Belfius.

ING said that customers of other banks can also access the service. The connection between Payconiq and the banks anticipates the introduction in late 2018 of Payment Services Directive 2 (PSD2) in Europe.

Payees can be selected from a contacts list, so there is no need to enter the IBAN account number. Users can also make in-store payments by selecting a store, displayed on the basis of their location or selected by scanning a QR code. Online consumers can pay by scanning a QR code or opening a link to the app, according to the company.

Payconiq CEO Duke Prins said: “The partnership with the Dutch banks is a brilliant step forwards for Payconiq. There are plenty of payment apps in the market, but they don’t all work in-store, online and peer-to-peer, as well as internationally.

“Our initiative responds to the digital revolution and changing regulations in the European payments market. After a successful pilot and introduction in Belgium, we have the ambition to make a big impact in other countries in Europe too. The partnership with the Dutch banks is a brilliant step forwards for Payconiq.”

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