Bancontact is the leading online payment method in Belgium, and is accepted in nearly 300,000 stores. Headquartered in Brussels, the Bancontact Payconiq Company is a merger of Bancontact Company and Payconiq Belgium.
Bancontact allows consumers to pay for products and services using their bank account. It is considered a low cost, secure alternative to paying with a credit card.
The Bancontact Network is the payment network used by Bancontact. This network provides merchants with access to a wide range of financial institutions, allowing them to process payments in multiple currencies and at low costs.
Bancontact links consumer bank accounts to their mobile phone number, allowing them to make payments simply by entering their PIN code into an app on their phone or tablet. The merchant will receive an SMS message confirming the payment has been processed successfully, in addition to receiving funds directly into their bank account (if they have enabled this option within their Bancontact account settings page).
Bancontact can be used anywhere Visa Debit cards are accepted, including grocery stores, gas stations, and restaurants.
For merchants, Bancontact provides an affordable way to collect digital payments, and also offers an ATM-like terminal that connects to the Bancontact network and allows customers on-site to pay with cash.