Bancontact is the market leader for electronic payments in Belgium. But Bancontact does more than just online payments, like debit card transactions in shops, making it a familiar name in Belgium when it comes to payments. Bancontact was previously known as Mister Cash.
How does it work?
To use Bancontact, customers need a card linked to a Belgian bank account. There are more than 15 million Bancontact cards in circulation, issued by 20 banks in Belgium. These cards can be for business as well as personal accounts. Bancontact processes around 150,000 online transactions daily.
Payments via Bancontact are guaranteed and confirmed immediately, this means the payment cannot be reversed by the cardholder. Furthermore, payments via Bancontact are always protected by 3D-secure. In 2015 the Bancontact app was introduced, making online payment even easier for Belgian cardholders.