Luxembourg’s Four Leading Banks Launch Digicash TRANSFER

The four leading retail banks of Luxembourg, The Bank and Savings Bank of the State, Luxembourg (BCEE), POST Luxembourg, Banque Internationale à Luxembourg (BIL) and BGL BNP Paribas have collaborated with Digicash Payments to launch a person-to-person (P2P) payment feature called Digicash TRANSFER. Digicash is the first multi-bank-based solution for mobile payments in Europe.

Each associated bank's Digicash App, allows users to send up to €10,000 free-of-charge using a secure SEPA credit transfer payment channel. Payments can easily be sent to any other TRANSFER user, via the existing interbank payments network. The process is simple: select the recipient’s phone number from the user's contacts, enter the amount and confirm the transaction by PIN code. Once this is authorised by the sender's bank, the funds will be transferred through the SEPA credit transfer process. Payments made to other banks are transferred to the recipient's account according to SEPA rules which can include a next-day payment process.

Over 80% of account holders with Luxembourg banks are entitled to activate the Digicash App and to link it to their bank accounts and phone numbers. TRANSFER is expected to have a high adoption rate in the Luxembourg market, with 12% of the country's population having already downloaded the Digicash App.

Each bank has a version of the app available for iOS in the App Store and an Android App on Google Play.

S-Digicash, the application of the Bank and Savings Bank of the State (BCEE)

Post Digicash, the application of the POST Luxembourg

BIL Digicash, the application of the International Bank in Luxembourg

BGL BNP Paribas Digicash, the application of the BGL BNP Paribas

About Digicash Digicash Payments is a mobile payment technology company. It provides banks and the payment industry a full suite of customizable apps and platforms that enable them to set up their full-featured mobile payment product in a very short period of time. Technologies and protocols used are Bluetooth LE, NFC and QR codes. Digicash enables banks and payment specialists to leverage infrastructure and their existing payment streams by adding a powerful payment for consumers access layer. Its multi-technology POS and remote payments approach and integration with bank systems make it single both and future-proof. Digicash Payments holds a full EU payment institution license and is based in Luxembourg, one of the Largest financial centers and FinTech hot spots in the world.