How do you remain relevant as a player in the payment market, in a rapidly changing payment world? Bancontact Payconiq Company has known the answer for decades: optimal positioning and constant innovation. Even at its foundation in 1978, the company pioneered electronic payments in our country. Today, the company is still innovating, as Bancontact Payconiq Company.
The new company wants to be the driving force behind the adoption of mobile payments on the Belgian market. In this respect, the company launched its new Payconiq by Bancontact app at the start of 2019. This app enables all Belgians to pay online and offline with one single application, to settle invoices on the go and to directly pay another smartphone user even at distance.
According to the company, cash will not disappear overnight, but the number of cash payments is likely to decrease. After all, the Major Payment Survey 2019 revealed that Belgians prefer to pay with their bank card or their mobile phone. Moreover, cash has a substantial social cost. Mobile payments are on the rise: in 2018, 34 million mobile payments were made with the mobile apps of the Company, twice as many as in 2017.
What does the future hold? Many trends are constantly and rapidly changing the status quo in the payment landscape. Consumer expectations are changing, we have seen many technological innovations in recent years, and new players have entered the market. Bancontact Payconiq Company mainly sees instant payment as a game-changer.
Several traditional local schemes have lost vast, sometimes life-threatening payment volumes. Currently, however, local schemes are emerging again, as alternatives to international card schemes, as are many mobile schemes. At the same time, ‘old’ local schemes such as Bancontact Payconiq Company evolve with their time, because they are still invested in and offer mobile solutions. They all want sovereign, independent systems they can control, to ensure a robust local economy. More importantly, they all enter the real battlefield: mobile.