Payconiq, a payments initiative that has the support of six Dutch banks, is ready for use by ING and Rabobank account holders, according to a press release.

Android users can now download Payconiq from the Google Play store. Payconiq will most likely be available in the App Store for iOS users within the next two weeks, according to the release.

The first Dutch merchants have already signed up to accept mobile payments through Payconiq. In anticipation of its nationwide release later this year, Payconiq will start to increase the number of merchants over time. From that time on, multiple other banks will offer a direct connection to Payconiq. The payment service will also be available through multiple online payment service providers.

Payconiq did not reveal which merchants would accept the mobile payment system.

Payconiq enables users to pay online and in-stores by scanning a QR code. Thanks to a direct connection with the user's bank account, transactions can be swiftly processed against low costs for the merchants. Merchants can integrate Payconiq directly into their cash register or use a third-party payment provider, as for example, the internet cash register Kassa Compleet or CCV, according to the release.

Payconiq first announced its intentions last spring and was scheduled to be released in 2017.