The big Dutch banks have joined forces to launch a new mobile payment system in the Netherlands which they say integrates three current payment methods in one app.

The Payconiq system, developed by ING, has been undergoing trials in Belgium, where 25,000 shops are actively connected to the network.

The system uses QR codes which the retailer generates and the person paying the bill can scan with their mobile phones to make the payment. The app connects directly to the client’s bank account and can also make quick automatic payments between family and friends.

‘Our initiative anticipates digitalisation as well as the upcoming changes in the European payment regulation,’ said Payconiq chief executive Duke Prins. ‘The collaboration with Dutch banks is a promising step for Payconiq.’