Payconiq has announced that it is expanding its business footprint in the Grand Duchy of Luxembourg with the acquisition of the Digicash Payments application.

Payconiq is joining forces with Digicash Payments, the company managing Luxembourg smartphone payment app Digicash. The acquisition establishes the presence of the mobile payment initiative at the Benelux level.

The objective behind this acquisition is to establish a solid partnership with Luxembourg's banks and merchants to capitalise on the efforts made in recent years to create one of the most advanced mobile payment platforms in Europe.

With more than 25 per cent of the Luxembourg population using the smartphone payment service, Digicash Payments is a growing company, the acquisition of which will be under the supervision of the Surveillance Commission for the Finance Sector (CSSF).

In the short term, Digicash users will be able to continue to use their standard payment application, which is provided to them through Luxembourg partner banks, with confidence. Payconiq aims to continue expanding services for consumers and retailers online in the first half of 2018.