Luxembourg issued its first payment initiation service (PIS) licence to mobile payment platform Payconiq, enabling it to operate across the EU and compete on an equal footing with other market players.
The PIS licence is a regulatory step under the payment services directive 2 (PSD2), which broadened the first directive’s scope to take into account innovative new payment initiation services typically used to make online payments.
According to our sister magazine Paperjam, the licence will enable Payconiq to expand its business from Benelux to Europe.
“Our ambition is to become Europe’s most-wanted mobile payments solution,” Payconiq CEO Duke Prins said. “We are a real alternative to payment cards, as our users can make single mobile payments on any device, just by having a bank account.”
Payconiq left Amsterdam to establish its offices in Luxembourg in 2017. It merged with Digicash in 2017 and integrated its invoice payment functionalities into its services, according to Paperjam.
In March 2018, Payconiq Belgium merged with Bancontact, a Belgian payment services provider. The fintech firm’s payment solution enables consumers to pay invoices, online, and in-store on the phone or on ecommerce sites.
Correction: A previous version of this article mis-stated the year that Payconiq set up its Luxembourg office. This was corrected on 10 September at 9:30am.