Mobile payments with Bancontact and Payconiq increase tenfold in five years

The Payconiq by Bancontact app is celebrating its 5th anniversary. Since its launch, the number of mobile payments made annually with Payconiq and Bancontact has increased by a factor of no less than 10. And mobile payments continue to boom, especially in-store.

A lot can change in the world of payments in five years, as the new annual figures from Bancontact Payconiq Company show. Back then, in mid-2018, Bancontact Company and the new start-up Payconiq Belgium joined forces to offer Belgians the best payment experience in the market.

More than five years later, the Bancontact and Payconiq mobile payment solutions are firmly established: in 2023, some 2 million Belgians used the Payconiq by Bancontact app to make a mobile payment, and if we add Belgians who used a banking app that integrates the Bancontact and/or Payconiq payment method, we can undoubtedly talk about several million Belgians more.

Classic card payments still make up the bulk of payments at Bancontact Payconiq Company. In fact, Belgians reached into their pockets for their Bancontact card more than 2 billion times in 2023 to pay for their purchases or to withdraw cash. Yet the increase in mobile payments using Payconiq and Bancontact is particularly striking. In 2023, Belgians used their smartphone to pay 34% more often than they did a year previously – a total of 368 million transactions* to be precise. Compared with five years previously, that represents a tenfold increase from the 34 million mobile payments made in 2018.

Online, the smartphone easily outstrips the bank card and card reader in terms of popularity. In 2023, 84% of online payments were made with smartphone by scanning a QR code with the Payconiq by Bancontact app or with a banking app incorporating Bancontact and/or Payconiq. In only 16% of cases the Bancontact card (with card reader) was used to make online payments.

Pour découvrir la vidéo de Nathalie Vandepeute, CEO de Bancontact Payconiq Company, cliquez ici.