Belgium is a market where account-linked debit payments, more than credit cards, are a way of life, and Bancontact, a scheme jointly run by the banking sector, serves as the default debit method for online payments. The operator is Bancontact Payconiq Company, and it is rated the number-one method by share in Belgian online payments. If you sell to Belgian consumers, simply not offering Bancontact card payment at checkout can itself be a source of drop-off.

For B2C commerce with repeat local purchases, such as fashion or household goods, accepting Bancontact cards is effectively a prerequisite. It is the highest priority for businesses with a high share of domestic Belgian customers and small- to medium-ticket products, and the app QR/mobile payment route on the same scheme can be checked separately on the Bancontact mobile page.

A consumer who selects Bancontact card at checkout completes the payment by entering card details or approving through their bank app, and the funds are debited directly from the linked bank account. Two-factor authentication such as app confirmation and biometric verification is applied by default under PSD2's SCA (Strong Customer Authentication) requirement, and the approval result is delivered in real time. Approved transactions are relayed through Hecto Financial, which collects the euro (EUR) amount.

Integrating through Hecto Financial lets a Korean corporation consider adopting Bancontact card payment without a separate local contract in Belgium. Actual conditions such as the processing route for Visa/Mastercard co-badged cards in addition to Bancontact-only cards, and the settlement cycle, fees, and currency options, vary based on the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team before contracting is necessary.

• Business registration country

  Confirm whether contracting is possible on a Korea-based business basis

• Sales channel

  The integration method and priority differ depending on the mix of online sales channels, such as a direct-to-consumer store, marketplace, or mobile app

• Product categories handled

  Advance confirmation is needed on whether your industry falls under a restricted category per Bancontact card's merchant policy

• EU regulatory compliance

  Confirmation is needed on compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

The euro (EUR) amount debited from the consumer's account at the time of payment is collected by Hecto Financial in local currency, then converted and settled to the merchant in Korea in one of USD, KRW, or JPY as selected in the contract. The settlement cycle follows the contract terms. Because of the debit nature of the method, cancellations are processed as refund transactions, and since refund requests under the EU consumer's guaranteed 14-day withdrawal right can arise at any time, it is safer to confirm the refund processing deadline and fee terms before contracting.

• National Bank of BelgiumOfficial source for Belgian payment system oversight and statistics. If this page's content differs from the actual regulations, the official source takes precedence.