Payconiq is a Luxembourgish based company developing an electronic payment system with the same name, which started operations in Belgium in 2015.[1]

The payment system is meant to help pay back friends and can also be used to pay cashless in stores by using the app on your smartphone. The system was launched by ING Bank and was joined later by Belgian banks KBC Bank and Belfius.[2] The payment system also operates in the Netherlands and has been launched in Luxembourg through the acquisition of the Luxembourgish fintech startup Digicash Payments.[3] The company aims to service the entire Benelux region by mid 2018 with the aim of expanding European-wide.[4] Since January 2018, Payconiq started a pilot program for their services in Munich, Germany.[5]


Payconiq Belgium and the Belgian payment system Bancontact [fr] announced in March 2018 their intention to merge.[6][7][8] The merger was finalized in July 2018 and the company is currently named Bancontact Payconiq Company.[9] The new company got a capital injection of €17,6 million of its five major shareholders Belfius, BNP Paribas Fortis, ING, KBC and AXA.[10] It then also merged its two existing payment apps called ‘Payconiq’ and ‘Bancontact’ into one app called ‘Payconiq by Bancontact’ which is supported by 20 Belgian banks and 290.000 stores in Belgium.[8][11]


The consumer downloads the app through the App Store or Google Play on the smartphone and couples the app to his or her bank account. Then, the consumer chooses the beneficiary out of a list with stores (through GPS localization or by scanning a QR-code) or friends (by e-mail address or cellphone number). The beneficiary enters the amount due to pay and the consumer enters the pincode or fingerprint.[1]


  1. ^ Jump up to:ab “Dutch banks to launch all-in-one app Payconiq”. Ecommerce News. 2017-04-20. Retrieved 2017-10-24.
  2. ^Dendooven, Pascal. “Banken slaan handen in elkaar voor betalen via smartphone”. De Standaard (in Dutch). Retrieved 2017-10-02.
  3. ^“Digicash: Belgian Payconiq to buy Luxembourg’s Digicash”. 2017-08-01. Retrieved 2017-10-02.
  4. ^Finextra (2017-08-02). “Payconiq continues European expansion with acquisition of Luxembourg’s Digicash”. Finextra Research. Retrieved 2017-10-24.
  5. ^“Defections weaken Dutch banks’ fintech defense”. Reuters. 2018-01-31. Retrieved 2018-02-02.
  6. ^News, TBT. “The Brussels Times – Bancontact and Payconiq Belgium to merge”. Retrieved 2019-02-03.
  7. ^“Payconiq to merge with Bancontact in Belgium”. Finextra Research. 2018-03-27. Retrieved 2019-02-03.
  8. ^ Jump up to:ab “Belgian payment firms Payconiq and Bancontact to merge operations”. Electronic Payments International. Retrieved 2019-02-03.
  9. ^“Payconiq and Bancontact become one joint app”. Retrieved 2019-02-03.
  10. ^“Bancontact tankt 15 miljoen euro extra kapitaal bij”. De Tijd (in Dutch). 2018-08-03. Retrieved 2019-02-03.
  11. ^“Bancontact en Payconiq samen in één app”. De Tijd (in Dutch). 2019-01-23. Retrieved 2019-02-03.

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