Digital payment

Digicash becomes Payconiq for good

Payconiq reports over 200,000 active users in Luxembourg. (Photo: Payconiq)

Payconiq reports over 200,000 active users in Luxembourg. (Photo: Payconiq)

The Luxembourg brand Digicash will be replaced by Payconiq.

Acquired in August 2017 by Payconiq, Luxembourg's digital payment solution Digicash has undergone a smooth transition. After adopting the name "Digicash by Payconiq", the Digicash brand will be dropped to make way for Payconiq.

This transition has ensured that users have not been lost along the way, instead, they have increased. According to a recent TNS Ilres study, Digicash by Payconiq has become the most used digital payment solution in Luxembourg (62%) in 2020, with an average of 4 monthly money transfers per user.

"This new identity anchors Payconiq as a leader in the Luxembourg landscape and promises great prospects for development not only in the Grand Duchy, but also on a European scale," said James King, head of Payconiq Luxembourg.

The Luxembourg market is already very advanced in terms of digital payments, as shown by a report co-authored by the Emerging Payments Association EU (EPA EU), published last July. With 3.7 billion transactions in 2019, electronic payments represent 90% of local purchases in Luxembourg. According to this report, the most popular electronic payment methods in the grand duchy are mobile payments (51%) and bank cards (37%).

As for Digicash, or rather Payconiq, the application reports over 200,000 active users with an average payment of  €78.

According to the latest statistics, 63% of money transfers are private transactions, and 24% are for bill payments, which can be done simply by scanning a QR code on the bill. The remaining 13% are for online payments or payments in local shops.

According to Payconiq, new features are expected to arrive in the coming months. The most recent, in December, enabled Luxembourg and border users to make payments in the Benelux countries.

As a reminder, Payconiq is compatible with the country's six main retail banks, namely Spuerkeess, Post, BIL, BGL BNP Paribas, ING and Raiffeisen.

This article was originally published in Paperjam. It has been translated and edited for Delano.