After Starbucks and PayPal, banks seem to be the most progressive in the market where adoption to mobile payment platforms have been slower than expected amid collisions and controversies.
Belgium is the first such country where a QR code-based mobile wallet that can be used for in-store, in-app, online and P2P payments has been launched with a backing from all major banks in the nation.
This app is called Sixdots and is a joint venture between a consortium of banks which includes multinationals like BNP Paribas Fortis, KBC and ING and payments outfit Bancontact/Mister Cash.
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Customers need to download the application and select their respective bank. They are then needed to add a Bancontact card before creating a six-digit code.To make in-store, P2P and online payments, users then enter this code and scan a QR squiggle.
The partners in this technology have reportedly expressed their satisfaction on the grounds of the required six-digit code and for the fact that no data is stored on the phone which ensures security. Card details are no longer stored in the seller’s database when making online or in-app payments.
The service can be used at merchants that have activated the Bancontact/Mister Cash mobile service but plans to integrate with MasterCard’s MasterPass have been postponed to ensure the success of the next scheduled steps.
Futhermore it is expected that over the next year new features will be added which will allow users to add multiple cards which will include credit and loyalty cards as well as coupons. Customers will also be able to use Sixdots as an identity proof and further link their accounts to banking applications.
Source: Grand View Research