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Wallet Database

Bancontact

21st of September 2016

Overview



  • SummaryBancontact is a cards-based digital wallet operating in Belgium only and launched in May 2014. Bancontact has been developed by Bancontact in order to power online and in-store purchases as well as person to person payments.

  • Websitehttps://www.bancontact.com/en/bancontact-app

  • Status: Live

  • Market: Belgium (May ’14)

  • Type: Other

  • Ownership: Bancontact

  • Functions: Retail and P2P payments.

  • Payment Mode: Cards-based

  • Channel: POS via QR code, WEB

  • Roadmap: n/a 

User Experience



  • Registration & set up: App can be downloaded from App Store, Google Play and the Windows Phone Store. User can link up to 5 cards from different banks. Authenticate with PIN code. The app is available for smartphones and tablets equipped with a camera and the following operating systems: iOS 8 or higher, Android 4.0 or higher, Windows Phone 8.1 and 10.



  • Making a payment:User can pay for his shopping with the Bancontact app at all physical locations and online websites that accept mobile payments with Bancontact. Look for a QR code that bears the Bancontact logo inside or next to it. Authenticate with PIN code. 

Payment Flows & Technology



  • Merchant perspective: After making a mobile payment, consumer can immediately see in his home banking that his current account was debited on the same day. The merchant’s current account will be credited on the following business day. (Update to follow – Further information being obtained)

  • Security: 3D secure. Personal four-digit PIN code. Bancontact app transactions are automatically monitored, which provides even greater security. Payment data is encrypted before it passes through merchant’s system.

Business Model



  • Strategy: Bancontact charges its partners for providing its service to merchants. At the same time, Service Providers charge merchants for the integration and use of Bancontact.

  • Payee fee: Yes, but n/a, it depends on the Service provider chosen by the merchant.

  • Payer fee: No charge for consumer 

Performance Data


Contact (MobeyForum Members only)



  • Name: N/A

  • Address: N/A

  • Email: N/A

  • Phone: N/A