Bancontact, a local European scheme based in Belgium and part of Bancontact Payconiq Company, is the market leader in Belgium for payment services.
With over 15 million cards in circulation and working with over 20 Belgian banks, Bancontact Payconiq Company offers reliable and tailored payment solutions.
The company's main challenge is developing cashless payment solutions and making them increasingly "invisible."
Enhancing Bancontact's cashless solutions
To pave the way with the first co-badged digital payment for wearables for a straightforward method for Belgium consumers to easily digitize their Bancontact card and activate it on a selected wearable of choice.
Where do we fit in?
Thales' unique position as a major token broker has facilitated Bancontact's move into digital and wearable contactless payments.
By launching with Thales TSH, Bancontact now easily extends services to more devices to reach a wider audience and increase usage.
In a few simple steps, Bancontact cardholders can:
• Login into their Mobile Banking App
• Select and purchase their desired Wearable
• Digitalize their Card on the Wearable
• Activate, shop, and pay immediately
We have selected Thales for their rapid implementation of domestic tokens, said Nathalie Vandepeute, CEO of Bancontact Payconiq Company. Thales' solution has allowed us to launch the first-ever co-badged project on wearables without impacting our bank's IT infrastructure, which is vital for us.
At Thales, we are delighted to pioneer this world-first with Bancontact, which illustrates perfectly Thales' proposition into digital payment, addressing the largest number of payment cards within any digital wallet, Wearable & e-merchant supporting tokenization
, said François Chaffard, Senior Vice President Digital Banking and Payment from Thales Group. With experience in over 40 countries, we can extend our expertise to co-badging and wearable support anywhere in the world.
FAQs on Bancontact
What does Bancontact mean?
Bancontact is Belgium's primary electronic payment system, established in 1989. It facilitates debit card transactions for both online and offline purchases, processing millions of transactions annually.
What is the Bancontact payment method?
The Bancontact payment method allows users to make payments using their debit cards, both in-store and online. On average, Bancontact handles 150,000 online transactions daily.
What banks use Bancontact?
All major Belgian banks, including BNP Paribas Fortis, KBC, and ING Belgium, support Bancontact. Belgium's primary debit card system is catering to over 15 million cardholders.
Why does Belgium use Bancontact?
Belgium uses Bancontact because of its efficiency and security. With over 90% of the Belgian population owning a Bancontact card, it's a trusted and preferred payment method for the vast majority, reducing cash transactions and ensuring a seamless payment experience.