Munich becomes the first launch region of the market entry

Munich, January 10th, 2018: The international payment provider, Payconiq, is starting its mobile payment system in Germany as of today. That means payments in stores and transfers to mobile contacts can conveniently be done via smartphone. Payconiq connects directly to the existing bank account, no separate credit or additional card is required. When completing a transaction, a simple QR code is enough to transfer the desired amount to the correct account. The cashless transfer of funds between friends and family is also a breeze as they appear in your contact list as soon as they are registered with Payconiq.

The Payconiq app is now available for free on Google Play and the App Store. Munich is the first city in Germany to put the international payment provider to the test. In support of this, a pop-up store is now open in the fashionable district of Munich-Maxvorstadt, where you can try out the new system live and access further information.

Making the transition from cash to mobile payment

Payconiq wants to help shape the transition away from cash and towards mobile payments in Europe. What has already been successful in Belgium is now supposed to find success in Germany: The product is first tested in a local community to learn more about people’s personal needs and how Payconiq will fit into their lives. “Trust is an important factor in the acceptance of a new payment method,” explains Max van Riel, Head of Business Development at Payconiq Germany. “The payment business in Europe is increasingly developing to become an international playing field. Payconiq therefore has the ambition to expand gradually in Germany and other European countries over the next years.” With the upcoming product launch in the Netherlands, the mobile payment system will soon be available in four countries of the EU.

Increasing competition through PSD2

Payconiq is additionally seen as a pioneer of the implementation of the Payment Service Directive 2 (PSD2) – an EU Directive which promotes competition in European payments and will enter into force on January 13th 2018. “In the future, European banks will need to provide appropriate interfaces to enable their customers to work with innovative FinTech providers such as Payconiq more easily. This also includes access to bank accounts of users, who must of course give prior consent,” says van Riel.

Press contact: Achim von Michel – WORDUP PR – Martiusstraße 1 – 80802 München – Tel: 089 2878 878 0 – E-Mail: [email protected]