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<\/i>Back to the news page<\/a><\/p>\n<\/div> In the ever-evolving landscape of digital payments, Payconiq has emerged as a trailblazer, leading the charge in providing innovative and secure mobile payment solutions. As we delve into the 2023 review and explore perspectives for 2024 with James King, the Head of Payconiq in Luxembourg, it becomes evident that the company has played a pivotal role in shaping the digitalisation narrative in the region.<\/p>\n<\/div> Payconiq, launched in 2012 in Luxembourg, quickly established itself by partnering with six leading banks, including BCEE, BGL BNP Paribas, BIL, POST, ING, and RAIFFEISEN. These collaborations have enabled the integration of Payconiq-supported apps into the daily lives of 50% of the Luxembourgish population<\/strong>, making it the norm for digital payments. Indeed, the ongoing digitalisation process in Luxembourg has been significantly influenced by Payconiq solutions. The ease of sending or receiving money via phone numbers, convenient bill payments, and secure online transactions has become a staple for users. Notably, small businesses without traditional card terminals, such as sports or hobby clubs, bars, small shops and food trucks, have gained independence and flexibility through the Payconiq system.<\/p>\n<\/div> There continues to be a strong interest from small merchants and community initiatives” (ASBLs or Associations Sans But Lucratif) in the Payconiq solution, evidenced by a 15% increase in number of transactions in 2023.<\/strong> This highlights the platform’s effectiveness in catering to a diverse range of businesses and organisations. This goes alongside another observation that Luxembourg’s e-commerce market has experienced consistent growth, with 72% of residents identified as “e-shoppers (Eurostat, 2019)”. Payconiq actively supports this trend by offering effective solutions for online businesses, as highlighted through interviews with key clients in the e-commerce industry, including WeDely, Restopolis, and CFL. Furthermore, Payconiq has harnessed technology to bridge the gap between charitable organisations and donors. The platform’s user-friendly, multi-channel solution facilitates seamless donations through QR codes, streamlining the process and making it more accessible. Associations and ASBLs nationwide have embraced Payconiq’s unique approach, emphasising its commitment to a more collaborative society.<\/p>\n<\/div> From a compliance perspective, Payconiq adopts an objective risk-based approach, meticulously crafting compliance plans over defined periods.<\/strong> These plans align with the dynamic objectives and demands of the business, emphasising a proactive stance rather than a reactive one.\u200b Payconiq’s compliance strategy is seamlessly integrated into its overall operational framework. This holistic approach ensures not only the safeguarding of regulatory obligations but also contributes to the company’s overarching mission of providing secure and innovative digital payment solutions.<\/p>\n<\/div> November 2023 marked the acquisition of Payconiq International by the European Payments Initiative (EPI), an initiative backed by 16 of the largest European banks and acquirers aiming to create a pan-European retail payment system.<\/strong> Payconiq is proud to be part of this transformative venture, with a commitment to providing Europe with an innovative, secure, and instant digital payment solution. This acquisition positions Payconiq as a key player in changing the way Europe pays.<\/p>\n<\/div> James King, Head of Payconiq Luxembourg concluded:<\/strong> “Payconiq\u2019s transformative journey reflects our commitment to shaping the future of digital payments. With strong partnerships, a user-friendly approach, and a dedication to customer support, we’re not just adapting to the digital evolution \u2013 we’re driving it, making secure digital transactions the new normal in Luxembourg and beyond.”<\/em><\/p>\n<\/div> To know more and stay up to date with Payconiq Luxembourg news <\/strong><\/span><\/p>\nPayconiq Luxembourg 2023 review and 2024 perspectives: Pioneering digital payments in a transforming landscape <\/strong><\/h3>\n<\/div>
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<\/span><\/div><\/div><\/div>Digitalisation impact: <\/em> <\/strong><\/h3>\n<\/div>
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A holistic approach to compliance in digital payments:
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