Managing your budget

21 March 2019

New payment methods: the end of cash?

In Belgium, 63% of small purchases (under €12) are still paid for in cash. More and more new payment methods are being used, however, such as contactless payments or smartphone apps.

Contactless payments

Thanks to NFC (Near Field Communication) technology you can now use your bank card to make contactless payments. Want to know if your card is contactless? Look for the icon with the 4 radio waves. If your card has this icon, you no longer need to insert it into the terminal to pay. Simply hold it up to the terminal for a few seconds. There is no need to enter your PIN for transactions under €25. And it’s still secure! That’s because the technology cannot be used at a distance of more than 10 centimetres. What’s more, you will need to confirm your PIN on the next transaction once you have paid for transactions totalling more than €50 using contactless.

A person uses their card for contactless payments

The icon with the 4 radio waves indicates that your bank card is compatible with NFC and can be used for contactless payments.

Got an Android smartphone? Activate NFC. You can then use it to pay contactless via the Payconiq by Bancontact app.

Pay with your smartphone

In January 2019, the two best-known apps, Payconiq and Bancontact, merged to become Payconiq by Bancontact. What can you do with it?

  • Pay in as many as 290,000 stores and online stores in Belgium:
  • In a store you simply scan the QR code at the cash desk, check the amount and confirm by entering your PIN. Got an Android smartphone equipped with NFC? You can pay in one single action thanks to contactless technology. You can also add your loyalty cards, so that you have everything at hand in just one app.
  • If you are shopping online, select Bancontact or Payconiq. Check the amount, click ‘pay’ and enter your PIN. 
  • Pay back your friends or colleagues without needing their account number: select your contact in your smartphone, enter the amount and confirm with your PIN. You can also do this using a QR code. Very handy! 
  • Pay your bills: some providers include a QR code on their bill to enable you to pay quickly and easily via Payconiq.

Payments via this app are subject to a standard limit of €150 per week. However, if Payconiq is incorporated into your banking app a higher limit can apply.

ING Smart Banking: wherever and whenever you want!

See the ING Smart Banking app for a handy overview of all your transactions. A secure environment that allows you to manage your finances wherever and whenever you want. Make a transfer in just a few clicks: all you need is the recipient’s account number. 

More information?

Read all about mobile banking on our website.

Any questions? Call +32 2 464 60 02 or make an appointment at an ING branch