In the first quarter of 2020, Bancontact WIP was officially introduced to the market by Bancontact. It is an extension of the existing Bancontact service based on a Wallet.
Advantages vs disadvantages
Speed: follow-up transactions with the same Merchant can be completed faster.
Recurring: Recurring/Installments can be processed via the Bancontact Scheme.
Trust: as an extension of Bancontact, WIP comes across as a trusted service.
Volume: only available for low risk/high Merchants with a minimum of 25,000 Bancontact transactions per quarter.
Application: a WIP application will involve a multitude of questions to the Merchant and Buckaroo.