In doing so, ING and KBC are responding to quickly changing customer expectations. Together they aim to accelerate the launch of a better offer for both merchants and consumers in Belgium.
Last year, ING developed payment app Payconiq and also bought loyalty platform Qustomer, while KBC worked with CityLife, a loyalty platform that enables buyers to save for a personal goal or a good cause. KBC also launched its own mobile payment solution in the CityLife platform.
With Payconiq, customers can do more than just pay in store and get loyalty points. They can also make payments online and instantly transfer money to friends and family, regardless of their bank.
All this expertise has now been merged into one integrated solution for consumers and retailers, resulting in a platform that is already used by over a million Qustomer, CityLife and Payconiq consumers and 6,500 retailers.
ING and KBC expect to expand this network over the coming months.
Later this year, CityLife and Qustomer will introduce a new and improved loyalty platform with a new name. Payconiq will become the standard for mobile payments.
Customers from all Belgian banks can already experience the new combined offer. Qustomer and CityLife are integrated in the Payconiq app, while the CityLife app now also offers Payconiq as a payment option.
ING Belgium CEO Rik Vandenberghe said: "We offer clients easy-to-use and relevant tools to empower them to stay a step ahead in life and in business.
"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."
KBC Belgium CEO Daniel Falque said the importance of mobile payments is "increasing exponentially", both online and in shops.
"With the combination of CityLife, Qustomer and Payconiq, we are building on that trend, and also on the tradition of collaboration in the Belgian financial sector. This way we can always offer retailers and consumers the best possible solution."
Today, three out of four Belgian consumers have a smart phone, while more than 1.1 million KBC and ING clients use mobile banking.
