Payconiq is losing popularity in Luxembourg

In his response to Parliamentary Inquiry No. 1565, Luxembourg's Minister of Finance, Gilles Roth, outlined the state and prospects of the mobile payments market in the country, including the competition between Payconiq and the new Wero platform.

Parliamentarian Dan Biancalana raised the issue of the possible migration of Payconiq users to Wero. In response, the Minister noted that the Ministry of Finance does not intervene in the commercial policies of private financial institutions and has no information on the market shares of these players in Luxembourg.

According to the European Central Bank's SPACE 2022 survey, 25% of Luxembourg residents use mobile technology for P2P payments. This is two and a half times higher than the European average (10%). In addition, 34% of the total value of transactions in Luxembourg is made via mobile devices, well above the European average (11%).

This data emphasises Luxembourg's strong position as one of the leaders in the digital transformation of financial technology. However, the emergence of competitors such as Wero raises questions about the future of dominant players in the market, including Payconiq.

The Payconiq situation illustrates the rapid development of the digital economy and payment infrastructure in Luxembourg. The main question that remains is whether established platforms will be able to adapt to the rapidly changing environment and retain customer loyalty. The Finance Minister's response emphasises the need for transparent regulation and an open market to stimulate fintech innovation.