Six of the major Dutch banks – ABN Amro, ASN Bank, ING, Rabobank, Regiobank and SNS – say they will launch Payconiq, a mobile payments app this summer.
The app, called Payconiq, enables users to make direct payments online, in-store and P2P payments.
In April 2015, The Dutch bank ING quietly launched the mobile payments app, after which a pilot project was started in Leuven in Belgium. Since then, the (Belgian) banks ING, KBC, CBC and Belfius have been supporting the mobile payments application. Now, the six Dutch banks are preparing for a Payconiq launch later this summer.
What Payconiq does
The app enables consumers to make direct payments online, in-store and P2P payments. The app makes a direct connection with the customer’s payment account at one of the participating banks. When someone wants to send money to a friend or relative, there’s no need to enter the IBAN account number; payees can be selected from a contacts lists.
In-store payments can be made by selecting a store, displayed on the basis of their location or by scanning a QR code, and confirming the amount. Online, consumers can pay for their purchases using Payconiq by scanning a QR code or opening a direct link to the Payconiq app.
According to CEO Duke Prins there are plenty of mobile payments apps in the market, but they don’t all work in-store, online and peer-to-peer, as well as internationally.
“Our initiative responds to the digital revolution and changing regulations in the European payments market. After a successful pilot and introduction in Belgium, we have the ambition to make a big impact in other countries in Europe too. The partnership with the Dutch banks is a brilliant step forwards for Payconiq.”