James King on the future of digital payment services

In this episode of Newsmakers, Luxembourg’s head of Payconiq, James King, gives us a rundown of the digital payment services business in Luxembourg and what developments of the sector can be expected. 

King heads a team of six people in Luxembourg, focused on the local market. They provide information to the general population about their service, especially since Digicash, a digital payment service in the grand duchy, became Payconiq. Partnerships with banks also play an important role in the company’s strategy.

“They have been absolutely invaluable as partners, and they have been driving this mobile payment initiative here in Luxembourg. The benefits that they get is that they are able, with us enabling them, to digitise the consumer’s IBAN. The consumer’s bank account becomes a digital instrument in their phone which is always with them, which they can use in more and more situations,” says King.

He also touches on Payconiq’s plans for the future, including hybrid shops where customers might open an app on their phone while in the store to access more information about a product or even pay through that app. Other potential plans include QR codes on car parking tickets allowing people to pay instantly without looking for an automated payment machine.

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