Payconiq may be a new name to UK vending operators, but it’s Big Business in France and the Benelux countries. Payconiq facilitates payment, both in physical or online shops, via a QR code. (Consumers can also use the app also to pay bills or send money easily to family and friends).
The QR code appears on a display or PIN terminal. The customer scans the code with a smartphone and then approves the payment in the Payconiq app, with a four-digit code, fingerprint scan or face ID.
This payment method, using QR codes and App to App technology is highly popular in Belgium and more recently in Luxembourg and the Netherlands.
The Payconiq payment method is now supported on the Limonetik platform. Limonetik, based in Paris, was founded to process, aggregate and create payment methods for online and offline use in Europe. The company then expanded to cover a broad international selection of alternative payments. Today, Limonetik’s platform supports over 285 local payment methods in 70 different countries, reducing the complexity of settlement by aggregating multiple financial flows into one, and supporting these services with comprehensive reconciliation and reporting tools – all via a singlestate-of-the-art API.
‘This is a do-it-all payment application; hence its rapid success in Belgium’, Thomas Rivera, Key Account Manager at Limonetik told PV. ‘It is an omni-channel payment method, making it possible to pay for just about anything from a smartphone: cabs, recurring subscriptions bill, purchases on a marketplace… You name it.’
And that’s not all: there are extra services included in the Payconiq by Bancontact app. For instance, the app allows users to store their loyalty cards, to buy train or bus tickets, or add electronic meal vouchers to their account.
‘The Limonetik platform allows merchants using Payconiq a quick and easy way to reconcile operations’, Thomas added. ‘Transactions can be tracked in real-time via a merchant portal, allowing for the detailed and rapid management of, for instance, refunds.’
With the Payconiq payment method, users can offer customers a user experience that is both simple and efficient, because it requires fewer steps. When a Payconiq QR code is displayed, the customer scans it and pays. ‘Also, merchants can have App to App integration, offering a very friendly shopping experience’, Thomas said. ‘Merchants benefit from the Limonetik technology, which allows the Payconiq payment method to be integrated simply and reliably, avoiding any chargebacks.’
A recent study by Juniper Research predicted that the total number of QR Code payment users globally will exceed 2.2 billion by 2025, up from 1.5 billion in 2020. Considering the ubiquity of mobile devices – and with the tidal wave of cybercrime in focus – the more secure payment solutions will inevitably gain market share. ‘The QR code offers yet another advantage for the merchant: they pay less commission’, Thomas said. ‘At 0.5%, it compares favourably to the 3% on purchases payments through debit or credit cards will cost you.’
Nathalie Vandepeute, CEO of Bancontact Payconiq Company, is similarly bullish: ‘We are very pleased that Limonetik offers Payconiq as one of its payment solutions,’ she said. ‘Thanks to our collaboration, even more merchants will be able to accept mobile payments via Payconiq and customers will be able to use the app they trust in an expanded marketplace.’
By adding to the large portfolio of payment methods available on the Limonetik platform, Payconiq is expected to attract merchants, marketplaces and PSPs who already work with this leading fintech firm. ‘In Germany, France – and indeed the UK – in the areas of retail, food and leisure, payment by QR code has a bright future’, Thomas concluded.
More on Limonetik HERE
