The Bancontact scheme remains the default for online payments in Belgium, but the device on which payment happens is quickly shifting to smartphones. The Payconiq by Bancontact app is linked directly to bank accounts, and payment is completed with just a QR scan or in-app approval, with no card-detail entry step, resulting in less drop-off on mobile screens. Since it is a scheme jointly backed by Belgium's banking sector, there is no separate need to build consumer trust in it.

For businesses with a high share of mobile web/app revenue, or those running promotions based on social channels and app push notifications, this can offer an advantage in payment completion rate over card-entry-based payment. The desktop-web-centered card payment route is covered separately on the Bancontact card page.

On mobile web, the payment button directly launches the Payconiq by Bancontact app, while on desktop a QR code is displayed for the consumer to scan with the app. The moment the consumer approves with a PIN or biometric authentication in the app, the account debit and approval notification happen in real time, and this in-app authentication itself satisfies PSD2's SCA (Strong Customer Authentication) requirement. Approved transactions are relayed through Hecto Financial, which collects the euro (EUR) amount.

Integrating through Hecto Financial lets a Korean corporation consider adopting Payconiq by Bancontact app payment without a separate local contract in Belgium. Whether this can be bundled under the same contract as the card payment route, and how conditions differ by channel (mobile web, app, desktop QR), vary based on industry and transaction volume, so confirmation through consultation 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 mobile'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 at the moment of app approval is collected and converted by Hecto Financial, and settlement to the merchant in Korea is made only in one of USD, KRW, or JPY as selected in the contract, with the cycle following the contract terms. Refunds are processed as refund transactions against the original transaction, and having a process in place to handle 14-day withdrawal right requests that apply to EU distance sales reduces the potential for disputes.

• 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.