3,5 years ago Bancontact entered the field of mobile payments. Since launching the solution based on QR-codes, we have seen them cropping up in all kinds of scenarios. From paying back a colleague after lunch to paying online without needing to go look for that card reader you always lose track of. Today, the Bancontact app generates more than 1 million transactions every month.
On a number of terminals at retailers, you could already pay using that same QR-code instead of the plastic card issued by your bank. Today (25/10/2017), the leading payments brand in Belgium launched a new version of it’s mobile application. It allows users in possession of an Android smartphone with NFC technology to pay at physical stores by simply tapping their device against the terminal.
Our smartphones are more and more becoming an extension of our wallet
This new functionality has a number of benefits.
- it is faster than scanning a QR-code
- you won’t have to enter your PIN for amounts below 25 EUR
- paying contactless will even work if your device doesn’t have an internet connection.
- just turn on the screen of your smartphone and tap to pay
- contactless payments will work for all 20 banks supported by Bancontact, even if they are not offering contactless payments.
Owners of Apple devices are currently not able to use the technology because Apple doesn’t allow the use of the NFC chip in iPhones for now.
The implementation of contactless payments into the Bancontact app wasn’t straightforward. Bancontact is known for smooth ànd secure payment solutions, the In The Pocket team focussed on both UX and technical challenges to meet the demand for an easy to use product that maintains the highest levels of security.
Want to read up on what could be happening next in payments?
Check out the column by our Lead Strategist Frederik De Bosschere (originally published in Dutch on April 18th).