Payconiq - An Alternative to iDEAL Payment service in Netherlands

Six major Dutch banks – ABN Amro, ASN Bank, ING, Rabobank, Regiobank and SNS – have announced they will launch an all-in-one app this summer 2017. This app, Payconiq, enables users to make direct payments online, in-store and peer-to-peer.

Payconiq isn’t new. In April 2015, The Dutch bank ING quietly launched the payment app, after which a pilot project was started in Leuven, Belgium. Since then, the (Belgian) banks ING, KBC, CBC and Belfius have been supporting the mobile application. Now, the six Dutch banks are preparing for a Payconiq launch later this summer.

How Payconiq works

The app enables consumers to make
 - Direct payments online,
 -  In-store and
 -  Peer-to-peer.

The app makes a direct connection with the customer’s payment account at one of the participating banks.

When someone wants to send money to a friend or relative,
  - there’s no need to enter the IBAN account number;
  -  payees can be selected from a contacts lists.

In-store payments can be made by selecting a store, displayed on the basis of their location or by scanning a QR code, and confirming the amount.

Online, consumers can pay for their purchases using Payconiq by scanning a QR code or opening a direct link to the Payconiq app.

Expansion to other European countries

According to CEO Duke Prins there are plenty of payment apps in the market, but they don’t all work in-store, online and peer-to-peer, as well as internationally. “Our initiative responds to the digital revolution and changing regulations in the European payments market. After a successful pilot and introduction in Belgium, we have the ambition to make a big impact in other countries in Europe too. The partnership with the Dutch banks is a brilliant step forwards for Payconiq.”

Payment Services Directive 2

With Payconiq, six major Dutch banks are working together to have one app for all their customers. But customers of other banks will also have access to the service. The connection between Payconiq and the banks anticipates the introduction of Payment Services Directive 2 (PSD2) in Europe late next year. Under this legislation, customers can give third parties access to payment details from their bank and to carry out transactions with their payment account.

Charge Card

A card that charges no interest but requires the user to pay his/her balance in full upon receipt of the statement, usually on a monthly basis. While it is similar to a credit card, the major benefit offered by a charge card is that it has much higher, often unlimited, spending limits.


The user of the charge card has to pay the balance of their account at the end of each month and the charge card company, unlike a credit card, does not charge interest. A charge card company's main source of revenue is the merchant fee, which is a percentage of the transaction value which typically ranges between 1 and 4% plus an interchange or minimum fee.

Lockbox Banking

Lockbox banking is a service provided by banks to companies for the receipt of payment from customers. Under the service, the payments made by customers are directed to a special post office box, rather than going to the company. The bank will then go to the box, retrieve the payments, process them and deposit the funds directly into the company bank account.   E.g. Lockbox banking helps the U.S. treasury collect tax payments

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Fleet cards

A type of credit card that allows businesses to manage expenses associated with the vehicles that they own and operate. Fleet cards, also called fuel cards, are used to pay for the fuel, repair, and maintenance of vehicles, and are provided by a business to personnel who operate those vehicles.

 

Unlike a corporate credit card, which can be used for a broad set of authorized purchases such as travel, fleet cards are designed to be used specifically for expenses related to managing vehicles

History of Electronic payments in Mastercard