Managing your budget

15 december 2016

New payment methods: the end of cash?

The world of financial transactions has been going through a real revolution for the past few years. Cash and cards have almost become has beens and are facing competition from increasingly innovative methods. We take a detailed look at them on your behalf.

Bank cards: new generation

Clearly, traditional payment methods are not going away any time soon. You can still pay in shops with cash and by card (and probably for a long time yet). However, bank cards are becoming increasingly innovative.

In the debit cards category (where the amount is debited from your account directly at the time of the transaction), we are seeing more and more contactless cards appearing: these allow you to make payments just by putting them near a terminal, without inserting them or entering a pin code. For security purposes, the amounts that can be spent are limited.

Credit cards (which allow differed payment of your purchases) are becoming increasingly secure to prevent online fraud, for example the “Verified by Visa” or “MasterCard SecureCode” systems that add an additional mandatory verification step to let you make online payments, for example a password or a code sent by text message. Check the websites you are shopping on; the most serious ones will use these protocols.

Payment apps: pay with your smartphone!

Smartphone apps are the real innovation today. You no longer need your wallet to pay for your purchases! Here are two well-known ones.

Payconiq: pay without banking details

The Payconiq app allows you to make payments without needing the recipients’ bank details.

  • Member stores are listed in the app. You can therefore make your purchases by selecting them and entering your pin code to confirm the payment.
  • In the same way, you can make a payment to any of your contacts who also have the app, using their phone number or e-mail address. All you need to do is select the contact you want to pay money to and confirm the transaction using your pin code.
  • Cherry on the cake: you earn joyn (Qustomer and CityLife) loyalty points every time you use Payconiq!
Bancontact: pay using a QR code

The Bancontact app allows you to pay in store or online through a simple scan:

  • To be able to use the application, you have to pre-register your bank cards. You can choose which one you want to pay with at each transaction.
  • You can then make payments in stores or webshops with the technology: you simply scan the QR code presented by the merchant. Then check that the result matches the amount of your purchases and confirm the transaction with your pin code.
  • Good to know: you can also receive payments. The app enables you to generate a QR code that can be scanned by another user to send you a payment.

Don’t have cash on you but need to pay your share of lunch at a restaurant, day spent at a theme park or joint birthday gift for your friend? These apps allow you to do it in just one click!

PC Banking: my secure environment

Besides these new payment methods, PC Banking is still the secure online environment provided by your bank to enable you to check your accounts, do your transactions, etc. Thanks to this tool, you can make payments from your computer if you have your recipient’s bank details.

In addition, some online stores also enable you to make a payment directly via your PC Banking system. This allows you to pay for your purchases through your bank’s secure environment.

Now it’s your turn!

Now you’re ready for whatever comes your way and will always be able to find a way to make your payments!

Want to find out more about new payment technologies? Contact your ING representative, make an appointment in branch or call +32 2 464 60 04.

Article written in association with TopCompare.

* Offer of debit cards or credit cards (Visa Classic, Visa Gold MasterCard Gold) aimed at adult individuals acting for private purposes and valid subject to acceptance by ING Belgium and mutual agreement. The terms and conditions for the cards (General Terms and Conditions, charges and other additional information) are available at, from all ING branches and by phone on 02 464 60 02.

** The Home’Bank, Business’Bank or ING Smart Banking services (including the Bancontact/Mister Cash (BC/MC) network function) are available free of charge (except for any fees charged by your telecommunications operator and charges related to certain transactions, e.g. international bank transfers) for all customers with a Home’Bank, Business’Bank and/or ING Smart Banking subscription (subject to acceptance by ING and mutual agreement). The terms and conditions for the Home’Bank, Business’Bank and ING Smart Banking services (general terms and conditions for the Home’Bank, Business’Bank and ING Smart Banking services appended to ING’s General Regulations, rates for transactions and any other additional information) are available at, from your ING branch and by phone on 02 464 60 04.

*** Payconiq offer valid subject to acceptance by ING Belgium S.A. and, if applicable, by ING Bank nv, and subject to mutual agreement. The terms and conditions for the services (General Terms and Conditions, charges and other additional information) are available in all ING branches or at "Payconiq" services are provided by ING Bank S.A. (Registered office: Bijlmerplein 888, 1102 MG Amsterdam, Amsterdam Trade Register No. 33031431) and offered by ING Belgium sa (Payconiq Partner).

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