Payconiq Payment Solutions Explained

Payconiq is a digital payment solution that allows users to make payments, send money, and receive money directly from their mobile devices. It's like having a digital wallet in your pocket.

Payconiq is a popular payment solution in Europe, particularly in Belgium, where it was first launched in 2015. It has since expanded to other countries in Europe, including Luxembourg and Switzerland.

To use Payconiq, you need to download the Payconiq app and register for an account. Once you're set up, you can link your bank account or credit card to the app, making it easy to make payments and send money to friends and family.

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Payconiq offers a convenient way to make payments online and directly in apps, eliminating the need to enter credit card details.

You can easily add Payconiq as a payment type to the Restaurant Manager, a process that involves logging in, navigating to Payments > Payment Types, and clicking Add Payment.

The Payconiq payment type will then be available for use on the POS, where you can select it from the list of payment options.

Here are the details you'll need to enter when adding Payconiq as a payment type:

Payconiq also offers a range of practical solutions for professionals, including generating personalized QR codes to collect funds or donations.

Paying online and in apps has become a breeze with Payconiq. No need to enter credit card details, you can simply scan the Payconiq QR code and it's paid, easy and secure.

You can pay in shops and restaurants with Payconiq, making it a simple and safe way to make transactions.

To pay online and in apps, you don't need to fumble with your wallet or cash, the Payconiq app takes care of it for you.

Just scan the QR code and it's paid, it's that easy.

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Adding a payment type to your Restaurant Manager is a straightforward process. You can enable the integration by logging in with your Lightspeed credentials.

To add Payconiq as a payment type, navigate to Payments > Payment Types. From there, click Add Payment. You'll be prompted to enter the payment type settings.

The payment type settings are where the magic happens. You'll need to enter the payment name, which will display on the Restaurant POS and reports. This is your chance to give your payment type a unique name, like Payconiq.

You can also add an internal note, known as a description, to the payment type. This is optional, but it can be helpful for your internal team to understand the purpose of the payment type.

The Type setting is crucial, as it determines the payment type's function on the POS. For the Payconiq integration, you'll need to select External from the drop-down menu.

The Color setting allows you to customize the appearance of the payment button in the Restaurant POS. Enter the color as a Hex code, and it will be displayed accordingly.

Auto finalize and Visibility settings are also worth noting. If you enable Auto finalize, the receipt will finalize and print once the payment is successfully processed. Make sure Visibility is enabled for the Payconiq integration to ensure it's visible on the POS.

Here are the payment type settings in a concise table:

Payconiq offers bank-level security, meeting the industry's highest security and encryption standards. This ensures that your transactions are safe and secure.

Payments are validated with your fingerprint or PIN code, providing an additional layer of security. This is a convenient and secure way to make payments.

No critical information is transmitted or stored on your smartphone, so you can make payments with confidence. This means you don't have to worry about your personal info being compromised.

The limits of your Payconiq account are customisable, allowing you to set your own limits and control your spending. This is a great feature for those who want to keep their spending in check.

Payconiq's geographic reach is quite extensive. It operates in several countries, including Belgium, Luxembourg, and Switzerland.

Payconiq has partnered with various banks to offer its services, enabling users to make payments with their mobile devices. This collaboration has helped expand its user base.

With its user-friendly interface and wide acceptance, Payconiq is an attractive option for those looking to make payments on the go.

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Belgium is a key market for Payconiq, which launched in 2015 as part of an internal incubator project at ING.

The fintech startup quickly gained traction, with KBC joining in July 2016 and Belfius following suit in December 2016.

Payconiq Belgium merged with Bancontact in July 2018, creating a new company with a capital injection of €17.6 million from five major shareholders.

This merger led to the development of a single app, "Payconiq by Bancontact", which was supported by 20 Belgian banks and 290,000 stores in Belgium.

In 2019, KBC integrated the Payconiq payment solution into its mobile bank app, and ING Belgium followed suit in 2020.

Luxembourg has been an important location for Payconiq's expansion. The company established itself in the country through the acquisition of Digicash Payments in 2017.

In 2019, Payconiq received a Payment Initiation Service license from the Luxembourgish regulator CSSF. This license gave the company a significant boost.

Payconiq also received extra financing from its shareholders in 2019, amounting to EUR 20 million. This funding helped the company grow its operations in Luxembourg.

By 2020, Payconiq had rebranded the five Digicash apps to Digicash by Payconiq. This move made all its mobile solutions in the Benelux area interoperable.

In 2021, the Digicash merchants began migrating to the Payconiq platform.

The Payconiq platform connects banks, merchants, payment service providers and consumers, enabling Omni-channel payments online, in store, by invoice or peer-to-peer.

It's an API-based platform, allowing for a fast connection and value-added services. This means you can make payments quickly and easily, without any hassle.

To use Payconiq, consumers can download a stand-alone app or use the Payconiq integration in their mobile banking app, depending on their country of residence.

Here's what you need to enable the Payconiq integration:

The Payconiq platform is an API-based system that connects various parties, including banks, merchants, payment service providers, and consumers. It enables Omni-channel payments online, in-store, by invoice, or peer-to-peer.

Consumers can download the Payconiq app or use the integration in their mobile banking app, depending on their country of residence. This allows them to make payments to affiliated merchants or friends using a QR-code or email address/cellphone number.

To use Payconiq, consumers connect their bank account to the app, which then enables them to make payments. This connection is a crucial step in the Payconiq process.

By using Payconiq, consumers can access a range of value-added services through the platform. These services are made possible by the fast connection provided by the API-based system.

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Payconiq is designed to be user-friendly, with a simple and intuitive interface that makes it easy to use. This is reflected in the way consumers can make payments using a QR-code or their mobile banking app.

The Payconiq platform is available in various countries, with different options for consumers to access the service. This includes the ability to download the Payconiq app or use the integration in their mobile banking app.

To enable the Payconiq integration, you'll need to follow a few steps. First, enter your Lightspeed credentials to confirm your restaurant's identity and link Lightspeed with Payconiq.

You'll need to use Lightspeed Restaurant admin credentials with admin permissions for the establishment you want to link to Payconiq, not your master account credentials. You'll also need your Payconiq Profile ID and API key, which will be provided by Bancontact Payconiq Company after you've accepted your registration.

Here are the specific credentials you'll need to enter:

Once you have these credentials, you can follow the steps outlined in the instructions to enable the integration. This will involve navigating to the Introduction page, reading the instructions, and clicking Start pairing. You'll then be prompted to enter your Lightspeed admin credentials, click Sign In, and click Allow on the consent form. After that, you'll need to input your Payconiq Profile ID and API key, and click Confirm Payconiq details.

Payconiq's acquisition by the European Payments Initiative (EPI) was a significant milestone in its history.

The acquisition was completed on October 31, 2023, marking a new chapter for Payconiq.

EPI's payment solution will be empowered by Payconiq's expertise, incorporating a range of use cases including person-to-person, person-to-professional, online, mobile shopping, and point-of-sale payments.

A wide range of transaction types will be supported, including one-off payments, subscriptions, installments, payments upon delivery, and reservations.

Value-added services will be incorporated into the solution over time, including responsible 'Buy Now, Pay Later' financing and digital identity features.

The deployment of EPI's digital wallet, Wero, is scheduled for 2024 in France, Germany, and Belgium, followed by the Netherlands and other European countries at a later stage.

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If you're experiencing issues with Payconiq, the first step is to check your internet connection, as a stable internet connection is required to use the service.

Payconiq requires a valid email address and password to log in, so make sure you've entered these correctly. If you've forgotten your password, click the "Forgot password" link to reset it.

If you're having trouble sending or receiving payments, try checking the status of the transaction in your Payconiq account. You can do this by logging in and looking for the "Transactions" or "History" section.

If you're still having issues, try restarting your device or clearing your browser cache. This can often resolve connectivity problems.

Payconiq has a dedicated customer support team that can assist with more complex issues. You can contact them through the Payconiq website or mobile app.