New electronic payment methods
The era of cheques, paper transfers, and even cash is rapidly receding. In recent years, cashless payment has been gaining momentum. Like its European neighbours, Luxembourg has witnessed a move towards faster, more practical electronic means of payment. Let’s take a look at the main solutions on offer.
1. NFC bank cards
To find out if your card features contactless NFC technology, look for the symbol.
Advantage: NFC cards let you pay with a simple gesture and eliminate the need to keep change for small purchases.
Advantage: Works without a card and saves time. For example, you no longer have to wait at restaurants to pay your bill: when it arrives, just scan the Payconiq QR code with your smartphone, approve the payment with your fingerprint or PIN, and you’re done! The waiter receives the payment confirmation directly at the cash register.
QuickMoneyTM is a feature offered by BIL’s Mobile Banking solution. Available on tablets, smartphones and the Apple Watch, QuickMoneyTM offers quick access to free cash withdrawals from BIL ATMs, with no card required (up to EUR 500/day).
Advantage: Make cash withdrawals.
Although not a payment method in itself, LuxTrust protects your digital identity and secures your electronic data using LuxTrust certificates. Widely used in Luxembourg, this identification solution is managed by the Luxembourg government and major financial institutions, so you can rest assured that your information is safely protected.
Advantage: Increased security for your digital identity, especially your financial details.
5. What about Apple Pay?
Slowly but surely, Apple Pay is making its way across Europe and it may well turn up in Luxembourg someday. Easy to use, this solution works with the Apple mobile devices you use every day.
When shopping, you make contactless payments by holding your device in front of the terminal. How the transaction is approved depends on the device (finger on the Touch ID reader for the iPhone, double-press the side button for the Apple Watch, etc.). For downloading apps or shopping online, just select Apple Pay as your means of payment (where available).
Beyond Apple, the competition is shaping up and it’s a safe bet that there will be even more electronic payment methods in the future. Stay tuned!