Belgian mobile payment company Payconiq has agreed to merge with another local electronic payment platform Bancontact Company.

The combined entity will be called Bancontact Payconiq Company and will offer a single app dubbed Payconiq by Bancontact.

The latest deal, which follows Payconiq’s recent acquisition of Luxembourg-based Digicash Payments, is anticipated to close in the second quarter of this year.

The new entity will have the support of AXA Bank, BNP Paribas Fortis, Belfius, ING and KBC.

Payconiq Belgium chairman of the board Ivo De Meersman said: “The new company has the ambition to bring mobile payments within reach of all merchants, including those who currently cannot accept such payments.”

Payconiq was launched by ING Bank and along with Bancontact. It processed around 15 million mobile payments last year.

In April 2017, ING along with other Dutch banks namely ABN Amro, ASN Bank, Rabobank, Regiobank and SNS geared up to launch Payconiq in the Netherlands. However, ABN Amro backed off from the Payconiq alliance days before the app’s trial in the Netherlands.