Today, Dutch banks ABN AMRO, ASN Bank, ING, Rabobank, RegioBank and SNS announce a joint initiative to launch payment app Payconiq in the Netherlands this summer. Payconiq is a new mobile payment service that enables online, on-the-go and one-on-one payments. The Dutch launch follows a successful pilot phase and introduction in Belgium, with ING, KBC, CBC and Belfius banks supporting the platform.

Payconiq facilitates payments by integrating all payment methods in the app: online, on-the-go and one-on-one. Payments can be executed to online merchants, bricks-and-mortar shops as well as individuals. The app connects directly to the client’s checking account at participating banks. IBAN details for payments between family and friends are no longer required, as these are generated automatically after selecting the beneficiary from a contact list in the phone.

Collaboration between banks

ABN AMRO, ASN Bank, ING, Rabobank, RegioBank and SNS will actively support Payconiq in the Netherlands. The association between Payconiq and the banks anticipates the introduction of the new European Payment Services Directive 2 (PSD2), due late 2018. This directive will allow clients to permit third parties to verify payment details with banks and make payments from the client’s checking account.

‘Numerous payment apps have been developed, but not all of them work in regular shops, web shops, between individuals as well as internationally’, says Payconiq CEO Duke Prins. ‘Our initiative anticipates digitalization as well as the upcoming changes in the European payment regulation. The successful pilot and subsequent launch in Belgium has increased our ambition to effect big changes in other European countries as well. The collaboration with Dutch banks is a promising step for Payconiq.’

Available in the Netherlands this summer

Payconiq makes executing payments surprisingly simple. There is no need for entering long IBAN numbers, as beneficiaries can be selected from a contact list. Shops are identified through geolocation or by scanning a QR code. Online payments can be made via QR code or a direct link to the Payconiq app.

Over 25,000 shops are actively connected to the system in Belgium. In the Netherlands, payments with the app will be possible in select web shops and stores this summer, when a direct link with Dutch banks will be available.