The payment industry has to keep evolving to meet growing consumer demand. In Belgium, Two of the largest banks active in the country have teamed up to create a unified platform. ING and KBC now offer an integrated mobile payments and loyalty platform. For now, it remains to be seen what this collaboration will bring to the table, and how it will be received.
Combining Payconiq With Qustomer and CityLife
Every individual financial platform in the world comes with its own native applications. ING, while primarily a Dutch bank, has established their presence in Belgium throughout the years. The institution is best known for its Payconiq payment application. However, that solution does not offer loyalty rewards or customer discounts.
This is where loyalty platform Qustomer comes into the picture.com, as it lets users save and spend loyalty points in shops. There is a physical card to be used, which contains a QR code. Users can also opt to use the mobile app through their smartphone. Keeping in mind how this platform has over 1 and 2,600 retailers in Belgium, it is safe to say Qustomer gained some traction.
ING Belgium CEO Rik Vandenberghe told the media:
“The tremendous customer feedback about both Payconiq and Qustomer strengthens our conviction that as a bank we constantly have to innovate. And as far as innovation is concerned, we strongly believe in the power of cooperation. This cooperation helps us introduce outstanding digital services in Belgium.”
CityLife, on the other hand, is a similar initiative by the Belgian KBC bank. This is also a loyalty platform which lets users save for a personal goal or a good cause. For example, Mobile Vikings users can use CityLife to save up for their next mobile top-up. Mobile Vikings is also the only MVNO in Belgium to accept Bitcoin payments.
Now that all of these platforms will be integrated into one, a unified ecosystem will be created. All of the users of these individual platforms will seamlessly switch to this new alternative. Unlike most other projects trying to create a similar experience, this effort builds further on existing user bases.
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