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Payconiq acquires Luxembourg-based Digicash

Belgium-based mobile payment services provider Payconiq has acquired Luxembourg-based Digicash Payments.

Digicash is a mobile payments services provider, established in the Grand-Duchy of Luxembourg in 2010, with support from a government initiative.

The acquisition is expected to help Payconiq expand its presence in Luxembourg by establishing partnership with banks and retailers, to capitalise on the efforts made in the recent years to build an advanced mobile payments service in Europe.

By integrating with Payconiq, Digicash can bank on its international expertise and scale of operations, which can further enhance its reach to consumers in the areas of online, on-the-go and peer-to-peer payments.

Being an active player in Belgium, Payconiq expects to enter the Dutch market soon supported by ING and KBC. On the other hand, Digicash is claimed to be used by at least 25% of the population in Luxembourg.

Presently in the short-term, Digicash consumers can continue to use its services that are made available through partner banks. In the long-run, Payconiq aims to further expand services for customers and online merchants in the first half of 2018.

Payconiq CEO Duke Prins said: “The excellent work done by banks and by the entrepreneurs behind Digicash forms another cornerstone of the combined product offer we are building. Our intention is to tightly partner with the national Digicash community of consumers, retailers and banks.

“Similarity of philosophies, business setups and product architecture highly facilitates our collaboration. This is also a great example of a Benelux-partnership, laying a strong foundation for a European digital future in payments.”