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March 28, 2018

Belgian payment firms Payconiq and Bancontact to merge operations

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

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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.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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