Paying online using Bancontact will soon be less complicated after the introduction of a new system in Belgium from March 2020.
Consumers will shortly be in a position to save their data as they can already when using credit cards. The first transactions to test the system will be made from the beginning of March, the CEO of Bancontact Payconiq Company, Nathalie Vandepeute, announced on Tuesday.
Competition is all the rage in the e-payment sector. “It’s a good deal for traders and consumers alike, as much in terms of choice as pricing,” Vandepeute comments.
She is pleased to offer Belgians a local solution. “We are a company of a moderate size that can react promptly to traders’ demands. The biggest actors in the sector are coming up with standard solutions.”
The possibility of “retaining” one’s data is a response to a demand from major brands, the CEO stipulates, that incorporates a refusal to give the identity of the initial trader taking advantage of the facility.
New ways to pay continue to grow exponentially. The contactless method accordingly accounted for 116 million of the 1.43 billion Bancontact transactions last year, despite the fact that the development potential for the number of adapted terminals is still enormous.
Currently, the Payconiq by Bancontact application has been used to make 65 million transactions, mainly by scanning a QR code.