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.
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.