21st of September 2016
- Summary: Bancontact 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.
- Website: https://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
- 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.
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.
- 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
- Launch date: Belgium (May ’14)
- Closed Date: N/A
- Users: No data yet
- Retailers / merchants: over 20. In more than 80% of Belgian web stores (source: https://www.bancontact.com/en/)
- Transaction volume: 27 million online transactions in 2015. 2 million transactions were conducted using the Bancontact app (Sep ’15/16) (source: https://www.bancontact.com/uploads/media/57eb7d1aa8f48/Persbericht_20160927_EN.pdf?production-e5a88d4)
- Transaction value: No data yet
- Other data points: The Bancontact app is supported by 20 banks. As a result, the app is available to 99% of all cardholders in Belgium (source:https://www.bancontact.com/uploads/media/57eb7d1aa8f48/Persbericht_20160927_EN.pdf?production-e5a88d4)
Links & Media
Contact (MobeyForum Members only)
- Name: N/A
- Address: N/A
- Email: N/A
- Phone: N/A