Payconiq continues European expansion with acquisition of Luxembourg's Digicash
02 August 2017 | 5639 views | 0
Payconiq, the ING-derived mobile payments app supported by a coalition of banks in Belgium and Holland, is moving into Luxembourg with the acquisition of Digicash.
The Digicash mobile wallet works in partnership with banks, shops, insurers and energy providers, among others, and its mobile app is used by one-quarter of the Luxembourg population.
The acquisition is part of a bold move by ING, in combination with Belgium's KBC, to create a multi-functional pan-European mobile wallet capable of initiating payments online, on the high street and from peer-to-peer via a direct connection with the customer’s payment account at one of the participating banks.
Created from a merger of ING's Payconiq with loyalty platforms Qustomer and KBC’s CityLife, the all-in-one mobile app has drawn the support of Belfius in Belgian and five further Dutch banks - ABN Amro, ASN Bank, Rabobank, Regiobank and SNS - for a forthcoming roll out in the Netherlands.
Payconiq CEO Duke Prins comments: “ Our intention is to tightly partner with the national Digicash community of consumers, retailers and banks. Similarity of philosophies, business setups and product architecture highly facilitates our collaboration. This is also a great example of a Benelux-partnership, laying a strong foundation for a European digital future in payments.”
Terms of the acquisition were not disclosed.