Germans have so far been reluctant to embrace mobile payments. A Luxembourg-based startup now wants to convince Munich residents. The European payment service provider Payconiq is initially introducing its mobile payment system only in Munich — supported by a pop-up store in Maxvorstadt.
Only just under three percent of current account holders use a payment function on their smartphone, such as Near Field Communication (NFC) or an app that generates a payment code. This was the result of a study conducted by the market research institute forsa in early January. Payconiq now aims to increase acceptance of mobile payments, at least in the Bavarian capital.
Pop-up store to overcome fears of contact
The startup's app allows you to make payments in stores and transfer money to contacts on your smartphone. Payconiq connects to your existing bank account; no separate balance or additional card is required. In-store, a QR code is all it takes to transfer the desired amount to the correct account. Cashless money transfers also work with friends and acquaintances.
Munich is the first city in Germany where people can try out the international payment provider. To support this, a pop-up store is now opening at Türkenstrasse 67 in Maxvorstadt, where Munich residents can test the new system live and learn more.
The choice fell quite deliberately on Munich. Max van Riel, Head of Business Development at Payconiq Germany, explains:
“Munich is known for its innovations and is therefore a suitable starting point for Payconiq in Germany.”
Maxvorstadt as a testing ground
The initial target group focus is on the trendy districts of Maxvorstadt and Schwabing-West. The first cafés, restaurants, and shops there are already being connected to the app. Companies from Munich can also use the pop-up store. Startups can pitch their company at events.
In Belgium and Luxembourg, 45,000 stores already use the system. It remains to be seen whether the mobile payment solution will become established here. On the one hand, there are many different competing solutions, on the other hand, some former providers has already failed due to German reluctance regarding mobile payment options. Wirecard in Munich the top dog in the field of mobile payments.
