Simple, mobile, Belgian. Behind the Bancontact and Payconiq logos lies the same company, with the same objective: to simplify everyday payments, for consumers and retailers alike. Interview with a local fintech.
Everyone knows Bancontact. Payconiq, rather less so. Yet the two services are the products of the same company: Bancontact Payconiq Company, a 100% Belgian company. One is card-based, the other smartphone-based. Together, they offer a payment solution designed to match the habits of consumers and retailers. ‘We've made electronic and mobile payments much more accessible than they used to be,’ says CEO Nathalie Vandepeute. A QR code to scan at the baker's, a money transfer between friends in two clicks, a smooth online purchase: Payconiq has become a reflex for millions of Belgians.
A truly Belgian product at an affordable price
Since their merger in 2018, the two brands have been combined in a single app: Payconiq by Bancontact. For merchants, the offer is flexible: Bancontact via a terminal or Payconiq via a simple QR code stuck on the counter or through the "Payconiq Go" app. For customers, everything is centralised in one mobile interface. This covers all scenarios, from local ice cream shops to e-commerce websites. In fact, the largest Payconiq user in Belgium is a Brussels-based ice cream shop. In short, the product is used by both (very) small and medium-sized enterprises as well as large retail chains, according to the CEO.
Since July 2022, Belgian merchants have been required to offer electronic payment. Many quickly adopted this method to equip themselves without breaking the bank. The cost? €1.50 per month and 6 cents per transaction when the contract is signed directly with the company. Accessing this payment method is quite simple: an online form, an identity verification mandated by the National Bank, and that’s it. Behind the scenes, Belgian banks have also integrated the solution into their own apps. In many cases, users don’t even need to download anything. For customers, it’s seamless. For retailers, it’s a win-win.
Security & digital transition: the perfect combination
No compromise on security. "We are supervised by the National Bank of Belgium, which imposes high standards on us. Every transaction is authenticated, verified and monitored. Of course, like any digital solution, Payconiq is not immune to attempts at fraud, and the company warns: no system can prevent a user from naively giving out his or her access codes, “but as long as we stay within a normal and legal framework of use, it's extremely secure”, stresses the CEO.
Beyond the tool itself, Bancontact Payconiq Company also aims to support entrepreneurs in their digital transition. The site is packed with practical advice, and the idea of offering information sessions in Brussels is on the table. "Too often, payment is considered too late. Customers arrive on a site, don't find the payment method they’re familiar with, and end up abandoning their purchase. So it's to the advantage of the entrepreneur, retailer or shopkeeper to take an interest very early on in the process."
“When you start a business, think about how you're going to let your customers pay” - Nathalie Vandepeute, CEO de Payconiq
A solution born here, for here
While Payconiq has been around for several years, it was the merger with Bancontact that enabled the development of a complete app tailored to the Belgian market. And even though some international competitors are gaining ground, Bancontact Payconiq Company remains firmly in the lead when it comes to Belgian hearts (and wallets): the 2024 European E-commerce Report shows it is the Belgians’ favourite payment method (of 2,000 consumers surveyed, 73% prefer Bancontact).
In Brussels, the momentum is growing. “Flanders was historically ahead when it came to mobile payments, but Brussels and Wallonia have caught up fast. We can see that clearly in our figures.” In fact, the company has multiplied the number of mobile transactions by seven.
It’s no coincidence the solution aligns so closely with local realities: “We are a truly Belgian company, independent from any geopolitical tension. In today’s context, that’s a significant factor. On top of that, we own our roadmap and our development. That means we’re highly attuned to the market and its needs,” says Nathalie Vandepeute.
“73% of Belgians prefer Bancontact”
Mobile is the new future
And what about the future? The future is mobile. The company is betting on even stronger adoption of smartphone payments, driven in particular by the younger generations. “They forget their card, they're out of cash, but they always have their smartphone in their pocket.”
Any final advice from Nathalie Vandepeute? “When you start a business, think about how you're going to let your customers pay.”