Paying with smartphone possible by May

Carrying around cash and bank cards to make purchases could soon be part of the past. Beginning in May, it will be possible to make purchases with a smartphone with the use of a new app developed by Bancontact that will eventually put plastic in the history books.

Consumers in Belgium will simply be able to scan the QR code on the product and enter their PIN number in order to buy something. Bancontact says the system is secure and will allow purchases to be made easily in any location.

The new method will also streamline online purchasing, which currently involves having to go step-by-step through the card reader process. This will no longer be necessary with the app. The system underwent testing by 40,000 consumers last year with success, paving the way for a May launch.