What is Bancontact?
Bancontact is a Belgium payment scheme and is the Belgian market leader when it comes to electronic payments, with over 15 million Bancontact cardholders. More than 80% of Belgian webstores allow payments through Bancontact. When using bancontact to pay online, customers transfer money directly from their bank account, through the familiar Bancontact online banking product. This guarantees a successful payment that can’t be reversed by the customer. As a merchant, you receive instant confirmation of the status of the payment, which means you can continue processing the order immediately.
Bancontact’s online payment scheme can be used by all customers with a Bancontact branded payment card. More than 20 Belgian banks issue Bancontact branded cards, resulting in over 15 million cardholders. Banks issuing Bancontact branded cards are ABK Bank, Argenta, AXA Bank, Bank J. Van Breda, Belfius, Beobank, BNP Paribas Fortis, bpost bank, CBC Banque, CPH Banque, Crelan, Deutsche Bank, Fintro, Hello Bank, ING België, KBC Bank, Keytrade Bank, Nagelmackers, Record Bank and VDK Spaarbank.
In 2015 more than 27 million transactions were made through Bancontact, averaging 70.000 transaction daily. In the same year Bancontact released an app which allows online payments to be made through a customer’s phone, making paying even easier for customers.