With an eye on in-store, in-app, online and P2P payments, Belgium’s largest banks are backing a QR code-based mobile payments app.
“The iOS and Android Sixdots app is a joint venture between banks – including BNP Paribas Fortis, KBC and ING – telco Proximus and payments outfit Bancontact/Mister Cash,” reported Finextra. “Customers who download the app, pick their bank and add a Bancontact card before creating a six-digit code. The partners say that, thanks to the six-digit code, and because no data is stored on the phone, security is guaranteed. Card details are no longer stored in the seller’s database when making online or in-app payments.”
A joint statement by the companies involved said a planned integration between Sixdots and MasterPass has been “postponed. This extra time will be used to improve the user experience for both merchants and customers even more, to guarantee that the next steps are successful.”
The companies described the kids of payments experiences they are hoping for: “Once activation is complete, the user can pay a friend back for buying a sandwich, for example, simply by scanning the QR code on the friend’s telephone, or pay for an online purchase using the QR code on the computer screen. It is even possible to pay for an espresso at a local coffee bar by scanning the QR code on the ticket. Simply enter six figures to confirm your transaction: it’s as simple as that. No card reader, no card and no long series of numbers. When you make in-app payments, the seller’s app will even detect the Sixdots app automatically on the customer’s smartphone, so that the customer can open the app directly to pay for their purchase.”
Offering a bit of vaporware, the companies discussed capabilities they are hoping to deliver in 2015, including the ability to add multiple bank cards, using the Sixdots app “as a secure proof of identity” and being able to access digital banking accounts.