Bancontact is the market leader for electronic payments in Belgium. In Belgium, Bancontact is a very familiar name and does much more than just online payments, such as facilitating debit card transactions in shops. The Bancontact debit card is the most commonly used payment card in Belgium. Bancontact was previously known as Mister Cash.
How does Bancontact work?
Customers need a card linked to a Belgian bank account in order to use Bancontact. A Bancontact card with a PIN number is issued to customers who open a Belgian bank account; the card will be linked to this current account.
Customers make real-time payments. Payments via Bancontact are guaranteed and confirmed immediately. All payments are made in Euros. There are more than 15 million Bancontact cards in circulation, issued by 20 banks in Belgium. The Bancontact card is accepted in most retail stores in Belgium. In fact, many shops will only accept Bancontact as a means of paying by card.
Bancontact represents a significant portion of Belgium’s online payment traffic. The card is popular because consumers feel comfortable and secure due to the fact that their payment is facilitated by their own bank. Bancontact transactions are free of charge for the consumer and their transaction history/payment details can be viewed in their bank statements. Furthermore, payments via Bancontact are protected by 3D-secure. The Bancontact app was introduced in 2015, making online payments even easier for Belgian cardholders.