Belgium Cards and Payments – Opportunities and Risks to 2025

Pages: 77 Published: March 24, 2022 Report Code: GDFS0573CI

The annual value of card transactions in the Belgium cards and payments market was $143.12 billion in 2021. The report analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Belgium cards and payments market overview

Belgium cards and payments market overview

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What are the market dynamics in the cards and payments market in Belgium?

Belgian consumers strongly favor debit cards over other cards. Mastercard and Visa have a presence in the market through a co-badging agreement with national debit card scheme Bancontact. Bancontact accounted for a significant share of overall debit card transaction value in 2021. Until a cap was implemented by the EU in 2015, its lower interchange fees compared to international schemes gave it a significant edge – and the new fee rules have had little impact on its dominance. In order to offer enhanced convenience to users, Bancontact has focused on issuing contactless cards.

Amid the pandemic, large ecommerce companies are offering online platforms for local brick-and-mortar vendors to sell their products online. In June 2021, Germany-based ecommerce giant Zalando launched an ecommerce platform, enabling Belgian vendors to connect their stores directly to the Zalando platform and sell their products to millions of Zalando customers online. In April 2021, food retailer Hopr launched the pilot phase of its online shopping platform, enabling consumers to order groceries online and get free delivery to their home. The service was launched in full in January 2022. Previously, Dutch supermarket chain Albert Heijn started offering online grocery delivery services in the Antwerp region of Belgium in July 2020.

What are the key segments in the cards and payments market in Belgium?

The key segments in the Spain cards and payments market include card-based payments, e-commerce payments, buy now pay later payments, mobile payments, P2P payments, bill payments, and alternative payments.

Card-based payment market in Belgium

There has been significant progress in the adoption of card-based payments, with the government and banking institutions taking steps to promote card payments. As a result, card payments displaced cash in 2020 in term of transaction volume. In addition, rising adoption of contactless cards, the emergence of digital-only banks, and strong ecommerce growth are expected to further boost card payments going forward.

Ecommerce payments market in Belgium

Ecommerce companies offer online platforms for local brick-and-mortar vendors to sell their products online. In June 2021, Germany-based ecommerce giant Zalando launched an ecommerce platform, enabling Belgian vendors to connect their stores directly to the Zalando platform and sell their products to millions of Zalando customers online. The popularity of shopping events such as Belgian Friday and Black Friday have also boosted ecommerce market growth. The availability of alternative payment solutions that offer security and convenience – including Payconiq, PayPal, Google Pay, and Apple Pay – is also boosting online purchases.

Buy now pay later market in Belgium

Buy now pay later is growing in popularity in Belgium, with several payment providers now operating in this space. Credit offered by banks is the leading option, while credit offered by retailers is also popular.

While many banks offer installment or pay later facilities, payment solutions providers such as Klarna and AfterPay also have a presence in the country. Klarna launched in Belgium in June 2020 and offers two payment options for online and physical stores: pay now and pay later (interest-free payments for users to repay within 30 days). Meanwhile, AfterPay is a provider of buy now pay later services for online and offline purchases. The solution allows users to pay within 14 days of purchase.

Mobile payments market in Belgium

Belgian consumers use their mobile wallets mostly for food and drink, followed by motor fuel and electrical goods. In terms of payment tools, PayPal is the preferred mobile wallet brand, followed by Payconiq by Bancontact and banks’ mobile wallets. Meanwhile, bank accounts are the preferred method of funding mobile wallets among Belgian consumers, followed by payment cards. Many retailers, restaurants, and public transport networks now accept payments via mobile wallets. The COVID-19 pandemic saw several hospitality businesses such as pubs and restaurants encouraging their customers to order via mobile apps when eating and dining. Many of these mobile apps also provide the option of paying via a mobile wallet.

P2P payments market in Belgium

PayPal, online bank transfers, and Western Union are the favored tools for international P2P transfers. In July 2019, PayPal launched its Xoom money transfer service in 32 European markets, including Belgium. The service enables users to send money in cash via home delivery and cash pickup options. With a focus on enhancing convenience, in March 2020, Western Union launched Digital Location – a service enabling users to connect to a personal service assistant who assists the customer with completing electronic money transfers.

Bill payments market in Belgium

Bank transfer is the preferred payment option for bills in Belgium, with almost half of consumers favoring this method. This is driven by the availability of established services such as Zoomit – an internet and mobile banking service that consumers can use to process documents such as bills, invoices, credit notes, and pay slips. Banks that support Zoomit include BNP Paribas Fortis, Belfius Bank, Beobank, ING, and KBC. Zoomit is integrated with the mobile apps of participating banks, allowing users to make bill payments by logging into their online or mobile banking service.

Alternative payments market in Belgium

Alternative payments in the cards and payments market in Belgium include PayPal, Apple Pay, Google Pay, Trustly, Klarna, Bancontact Payconiq, paysafecard, MobilePay, and AfterPay.

Belgium cards and payments market, by segments

Belgium cards and payments market, by segments

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Which are the key companies in the cards and payments market in Belgium?

The key companies in the cards and payments market in Belgium are BNP Paribas,Belfius Bank, Credit Mutuel, KBC Bank, ING Bank, Argenta, Bpost, AXA bank, Mastercard, Visa, American Express, Google Pay, Apple Pay, Paypal, Payconiq, Paysafecard, AfterPay, and Klarna.

Belgium cards and payments market, by key companies

Belgium cards and payments market, by key companies

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Market report scope

Market size 2021 $143.12 billion
Forecast period 2021-2025
Key segments Card-Based Payments, E-Commerce Payments, Buy Now Pay Later Payments, Mobile Payments, P2P Payments, Bill Payments, and Alternative Payments
Key companies

 

 

 

 

 

BNP Paribas, Belfius Bank, Credit Mutuel, KBC Bank, ING Bank, Argenta, Bpost, AXA bank, Mastercard, Visa, American Express, Google Pay, Apple Pay, Paypal, Payconiq, Paysafecard, AfterPay, and Klarna

 Highlights

  • Digital-only banks are gradually making inroads into the Belgian banking and debit card space. In October 2019, Netherlands-based digital-only bank bunq expanded its services into multiple European countries (including Belgium). In February 2020, digital-only bank Aion was launched. The bank offers a multi-currency debit card, enabling users to make card payments and ATM withdrawals with no currency conversion costs. And digital-only bank Bamx launched in October 2021. The bank offers a contactless Mastercard debit card, enabling users to make card payments and ATM withdrawals.
  • The preference for contactless payments is growing among Belgians, especially since the outbreak of COVID-19.
  • Amid the pandemic, large ecommerce companies are offering online platforms for local brick-and-mortar vendors to sell their products online. In June 2021, Germany-based ecommerce giant Zalando launched an ecommerce platform, enabling Belgian vendors to connect their stores directly to the Zalando platform and sell their products to millions of Zalando customers online. In April 2021, food retailer Hopr launched the pilot phase of its online shopping platform, enabling consumers to order groceries online and get free delivery to their home. The service was launched in full in January 2022. Previously, Dutch supermarket chain Albert Heijn started offering online grocery delivery services in the Antwerp region of Belgium in July 2020.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Belgian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Belgian cards and payments industry.
  • Assess the competitive dynamics in the Belgian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Belgium.
  • Gain insights into key regulations governing the Belgian cards and payments industry.

Key Players

BNP Paribas

Belfius Bank

Credit Mutuel

KBC Bank

ING Bank

Argenta

bpost

AXA bank

Mastercard

Visa

American Express

Google Pay

Apple Pay

Paypal

Payconiq

paysafecard

AfterPay

Klarna

Table of Contents

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently Asked Questions

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