Belgian mobile payment platforms Payconiq and Bancontact start a merger process

27 March 2018

Banks in BelgiumBanks in Belgium have come to a decision to merge two mobile payment platforms in the country Payconiq and Bancontact to reinforce mobile payments industry in the region. The board of shareholders in the company including Belfius, ING and KBC will be joined by BNP Paribas Fortis and Axa.

The move to merge the two contiguous businesses comes in line with the overall vision of Payconiq to establish a multi-functional mobile payment company popular throughout Europe providing payment services both online and offline, as well as peer-to-peer payment capabilities using a direct connection with the account of a user.

Last year the two platforms, Payconiq and Bancontact, processed about 15 million payments on mobile devices in aggregate, which is 4 times higher than in 2016.

Under the terms of the merger process, the newly formed company to be known as Bancontact Payconiq Company will create a single user application dubbed ‘Payconiq by Bancontact’, which will be available to an account holder of any bank in Belgium. The merger deal is scheduled to close in the second quarter this year.

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

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