Bancontact is the domestic bank card scheme in Belgium, which was established in 1989. Previously known as Bancontact/Mister Cash, it’s now called simply Bancontact. It’s available in over 80% of Belgian web stores and processes close to 74,000 transactions daily, which makes up for around 27 million transactions in 2015. Other than the home country, it’s also widespread in the Netherlands and UK. Here’s how Bancontact works, at a glance. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.
How It Works?
To apply for one of Bancontact’s debit cards, visit one of the 20 participating banks, such as ABK Bank, AXA Bank, Beobank, BNP Paribas Fortis, Deutsche Bank, ING België, and VDK Spaarbank.
Bancontact also has a free mobile app that you can get on the App Store, Google Play or Microsoft. Using it, you can pay for goods worth up to €500. Simply link the debit card with the app, scan the QR code, enter your PIN code and you're done.
To pay at online stores or gaming sites, look for the Bancontact logo, because only licensed partners can accept payments made using this brand. This is also one of its biggest limitations, unlike networks that are linked to Visa or MasterCard, which have a more widespread acceptance.
One of the main advantages of using Bancontact is the protection and security measures that come with it. As payment is made it’s goes through a user identification step, followed by authentication via a digipass or card reader, and then authorisation, which requires the user to grant permission for the transaction. In line with that, there are also transaction limits and a personal four-digit PIN code. And to avoid fraud, Bancontact app transactions are automatically monitored at all times.
Finally, the Bancontact payment system is in full compliance with SEPA (Single Euro Payments Area) regulations.
For information on banking fees and T&C, contact the bank that issued your Bancontact card. However, as of now there are no financial institutions that charge any transaction fees for using the card.
Other than being in close partnership with Belgian National Lottery, you may find Bancontact at select online gaming sites. Additional fees can apply on their end, so it’s advised you double-check for any fees at the checkout to avoid misconception.For any troubleshooting or help, refer to Bancontact’s FAQ or get in touch with them by phone or email
Bancontact is the most widely used payment option in Belgium, which is also a debit card scheme, which was founded in 1989. They issue plastic cards via one of the 20 participating banks and have a mobile app that allows making purchases of up to €500, just by scanning a QR code.
Click to visit Bancontact/Mistercash website.
Posted by CCJ Team