Payconiq enables users to make payments and manage finances from mobile phone applications. For example, a user can pay a restaurant bill for a group of friends. Then those friends can reimburse each other for their share.
In 2022, Bancontact Payconiq was used to send 275 million mobile payments, an 800% increase in just five years. With a newly launched version of the application, the partnership with BICS will see the telecoms company provide an additional layer of security powered by its communications platform. This is just one of the three solutions that BICS offers as part of its authentication services.
The first time users log onto the app, they will be sent an SMS code to their mobile. This helps prevent account break-ins from criminals who have obtained some of their credentials. BIC uses a short mobile number to enhance trust in this security measure. Short mobile numbers are harder to obtain than long mobile numbers, generally leased monthly. They are generally unavailable to scammers. With BICS providing a robust global network, consumers using Payconiq trust that their payment method is secure and accessible wherever they are located.
Jérôme Deliège, CTO of Bancontact Payconiq Company, commented, “The new Payconiq by Bancontact application means our customers get the same reliable payments but with a more user-friendly experience. Customer security is always a priority, and these processes need to be reliable and seamless. It’s why we selected a partner that is proven and trusted in the communications space in BICS.”
Enterprise Times: What does this mean
Anything that increases the security of electronic payments is welcome. Adding multifactor authentication to the application is sensible. Applying it to the initial login does not make it too onerous for consumers.
Divya Ghai Wakankar, VP Enterprise Market at BICS, said, “Our collaboration with Bancontact Payconiq Company speaks to the changing demands of today’s customers for businesses. Modern enterprises need reliable communications now more than ever for supporting areas such as marketing, operations, security, and ensuring all-around great customer experiences. At BICS, we’re on the forefront of simplifying things for both parties, and this exciting partnership with Belgium’s leader in electronic payments is a great achievement to show how far we’re going.”