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What New Payment Methods Are In Advance Of Shopping?

New Payment Methods Are In Advance Of Shopping

Almost one or two Belgians took as Febelfin regularly the map above to pay, and will do so in the run up to the holidays. T. Kearney expects the proportion of non-cash transactions in Europe to continue to reach 40% by 2020 (30% today), and that up to 20% of non-cash transactions will take place through alternative payment methods, not directly through a current account. The rollout of new technology and payment terminals in stores and on your smartphone involves a variety of new (mobile) payment methods  , such as pay-per-contact with the card or mobile pay. Here under

Where can you already do your year-end purchases today through these payment methods? 

Contactless pay with the card allows you to pay more easily and faster with 15,000 to 20,000 stores without PIN (less than € 25) or with PIN (over € 25) via NFC technology, also abroad

  • If you want to buy a gift or ingredients for your dinner of up to € 25, and you may have your KBC / CBC, Beobank, BNP Paribas Fortis , ING , HelloBank, Carrefour or Bpost card with the contactless symbol (4 radio waves) with you You can easily pay at the checkout by holding the card near the terminal. Larger expenses are still required for security reasons with your PIN. If you are a cardholder at one of these banks but do not have a contactless card yet, you can request it for free.
  • With only 1 in 10 stores that allow contactless payments today, NFC technology is lagging behind schedule (the goal was to accept contactless payments with a payment card by the end of 2016 about two out of three dealers). Nevertheless, by the end of 2017, it is expected that 75% of all payment terminals will allow contactless payments. By 2020, all payment terminals must be equipped with NFC technology.
  • In case of contactless debit card payment – as with most other payment methods we discuss here – the paid amount will be charged immediately. The credit card is the only payment method that offers up to 30 days of free payment.

The regular Bancontact payment card can already be used in the form of an app that can be paid by more than 20,000 merchants without (up to € 25) or with a PIN via QR scanning, but not abroad.

  • If you are at the checkout of a Colruyt, Delhaize, Carrefour or Aldi supermarket and find out that you have forgotten your wallet, do not worry about it. You can quickly open your Bancontact app on your smartphone and pay by scanning the QR code at the cash register and entering a PIN. Shops such as Krëfel, AS Adventure, Inno, JBC, Decathlon and Veritas and Fast and McDonalds fast food restaurants support this mobile payment solution. In total, you can now pay at these and other big chains and at around 1000 retailers through the Bancontact app.
  • If you are a customer of Belfius , BNP Paribas Fortis, Fintro, HelloBank, ING or KBC / CBC , you can also pay via the bank ‘s mobile app .
  • The Bancontact app allows you to make large purchases , as the limit per transaction is $ 500. Keep in mind, however, that the app is barely useful for retail payments abroad.

With the SEQR app, you can pay large and small amounts via NFC technology without (up to € 25) or with PIN and enjoy cashback up to 3%, with 10,000 to 15,000 Belgian merchants, but also in a number of other European countries and the US .

  • If you would like to buy clothes in chains like H & M, Inno or JBC , a sports item at Decathlon or previously a residential accessory or gift bag from Ikea , you can also pay at the checkout via the SEQR app by using your smartphone with NFC chip at the terminal (Tap & Pay). You can also pay a limited number of stores (a 1,000) with QR code scanning. At the same time, you get back to 3% on every € you spend , which makes the app’s use even more interesting.
  • In addition, you must enter another code as confirmation if your account exceeds € 25. The maximum amount is $ 75 for your first three mobile payments, after which the limit will be increased to $ 750 per transaction, which will allow larger purchases .
  • Tap & Pay is available in approximately 000 to 15,000 Belgian stores (including Carrefour, IKEA, Decathlon, Inno, Aldi, Starbucks and H & M). QR code scanning is possible in approximately 1,000 Belgian stores.
  • An additional advantage is that the app is usable abroad , in a total of around 30 million stores worldwide. Not only in our neighbors, including Austria, Italy, Spain, Portugal, Malta, Sweden, Romania, Ireland, the United Kingdom and the US.

Due to the lower payment limit, the Payconiq app is one of the new payment methods that are especially suitable for frequent smaller purchases in the already 12,000 affiliated stores in Belgium, while saving you points for the loyalty program Joyn.

  • You should not necessarily go to the city or a shopping mall to experience the ease of mobile pay. The Payconiq app lets you pay smoothly in many large and smaller stores and restaurants nearby. Currently, 12,000 dealers are already affiliated and attend daily. The number of merchants that accepts the app is not as extensive as the terminal network of the contactless cards or the Bancontact network, but Payconiq is on the rise. It is already possible to pay with many bakers, butchers, computer stores, liquor stores, pharmacists, etc.
  • In addition, you can easily save and redeem points to around 4,100 merchants with the Joyn loyalty program . This allows you to enjoy various discounts and rewards from affiliated dealers.
  • Payconiq is part of payment methods that are previously suitable for smaller purchases , as the limit of payments is at € 150 per week. At this time, it is not yet possible to pay with the app at merchants abroad.

But the technology goes even further with these new payment methods …

MasterCard ‘s Identity Check app was recently launched on the Belgian market, but it is still waiting for the app to be really useful. Biometric authentication allows you to confirm your online payment via selfie, fingerprint or voice recognition. Finally, in the near future, paying with a ring, bracelet or other portable item should make shopping a lot easier. Below you will find an overview of the new payment methods.