Unfortunately, there is bad news to report for our Belgian readers who used Bonsai. The fintech company has decided to close down their consumer arm of the business. This means that consumers can no longer use the Apple Pay service.
With Bonsai it was possible to use Apple’s payment service when your bank did not support Apple Pay. By linking your checking account to Bonsai, you could easily make Apple Pay payments and this was paid from your checking account. Unfortunately, the company is now discontinuing this service.
Bonsai stops for consumers
Thanks to the success of Bonsai, the company has attracted the attention of major companies looking to integrate Bonsai features into their own apps and platforms. That is why the company has decided to focus on these collaborations in the future. As a result, the bonsai app as you know it will no longer be available from January 13, 2025.
- Users of the bonsai Mastercard can continue to use it until December 9, 2024. Please ensure that any subscriptions or payments associated with the card are transferred to another payment method before this date, as the card will no longer be active after this date.
- To January 13, 2025 As a user, you will continue to have access to the bonsai app and its associated functionalities. After that, the bonsai app and all related data will be deleted permanently.
Bonsai has decided to fully focus on the further growth of their B2B offering. This strategic choice allows the company to leverage their resources and expertise and focus on developing more impactful solutions in the B2B market.
You can read the original message below. Unfortunately, the company has chosen to close the consumer branch. You can read more information on the Bonsai FAQ pageyou can also consult their support department there if you have any questions.
— original message —
We had to wait a while for it in the Netherlands, but more and more banks support Apple Pay. Unfortunately, this is not yet the case in Belgium. For the time being, you can only use Apple Pay at KBC, ING and BNP Paribas. Thanks to Bonsai, you can also use Apple Pay if your bank does not support it.
Bonsai is a fintech company that is linked to the current account of your current bank. The service supports Apple’s payment service, so you can still use Apple Pay with your trusted bank accounts, even if your bank does not support this.
Bonsai as a green payment solution
Bonsai is a special player in the financial landscape. The fintech company’s mission is to pay back the planet and they do this with a handy payment app. Fintech companies combine financial services and products with innovative technology. These types of companies are a modern addition or alternative to traditional banks, asset managers and insurers.
Bonsai goes a step further. For every 10 payments you make, bonsai plants a tree. To do this, they partner with Eden Reforestation Projects. They plant trees in their partner countries where they think it is needed most.
Using Apple Pay with bonsai
Would you like to use Apple Pay in Belgium, but does your bank not yet support this payment option? Then you can use the free bonsai service. Once you have downloaded the bonsai app, you can create an account and link your bank account to the service.
In the app you can create your Apple Pay Mastercard and add it to the Wallet app. You can then make payments via the bonsai payment card Apple Pay, which will then be automatically debited from your checking account within 1 to 3 days.
Although it is a Mastercard, this is not a traditional credit card. The payments are debited from your account within three days, there is no insurance linked to it and you cannot go below zero euros on your checking account.
Bonsai uses PSD2 and this allows you to link your own bank account to the app and avoid having to fill a ‘pot’ as is the case with Monese, N26 or Revolut. For security reasons, the app does ask you to relink your bank account every 3 months. You can read more information about Apple Pay in combination with bonsai here back.
Completely free
Of course the most important question is, how expensive is bonsai? Well, that might be the good news, all of the company’s services are free. You pay nothing for Apple Pay or linking your checking account. You also do not have to pay any additional costs when the money is debited from your account. In short, bonsai is completely free to use, mainly to attract new users.
CEO Jelle Baats late to HLN that as bonsai gains more users, they will look at how they can make money with it. “Actually, we’re a bit like Facebook. We have a product that is free, like Facebook. At the same time, we will offer services to other companies“.