The Bankwatch

Tracking the consumer evolution of financial services

Bank-backed QR code-based mobile payments app launches in Belgium | Finextra

Another interesting payment/ P2P payment play, this time in Belgium. What sets this one aside is the co-operation amongst banks to provide a common standard and method.

Bank-backed QR code-based mobile payments app launches in Belgium

Customers who download the app, pick their bank and add a Bancontact card before creating a six-digit code. To make instore, P2P and online payments, users then enter this code and scan a QR squiggle.

The partners say that, thanks to the six-digit code, and because no data is stored on the phone, security is guaranteed. Card details are no longer stored in the seller’s database when making online or in-app payments.

Written by Colin Henderson

December 8, 2014 at 23:27

Posted in Uncategorized

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