Luxembourg Cards and Payments – Opportunities and Risks to 2027

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Luxembourg Cards and Payments Market Report Overview

The annual value of card transactions in the Luxembourg cards and payments market was $20.8 billion in 2023. The value will grow at a CAGR of more than 7% during 2023-2027. Luxembourg’s payment card market can be characterized as mature and consistently evolving, with a high penetration rate of 5.8 cards per inhabitant. This is due to factors such as strong banking penetration, advanced payment infrastructure, enhanced security, high awareness of payment cards, and the availability of contactless payments.

Luxembourg Card Transactions Outlook, 2023-2027 ($ Billion)

Luxembourg Card Transactions Outlook, 2023-2027 ($ Billion)

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The Luxembourg cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Luxembourg cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Card Transactions Value (2023) $20.8 billion
CAGR (2023-2027) >7%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Cash

·        Credit Transfers

·        Direct Debits

·        Cheques

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        Alternative Payments

Leading Players ·        BGL BNP Paribas

·        Banque de Luxembourg

·        Apple Pay

·        PayPal

·        Google Wallet

·        Statispay

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Luxembourg Cards and Payments Market Dynamics

Debit cards are widely used for low-value payments, but credit cards dominate the payment market in terms of number of cards in circulation and payment transaction value. The proliferation of digital-only banks, alternative payment solutions, and contactless technology, as well as growth in the e-commerce market, are set to support payment market growth going forward. To capitalize on the growing popularity of electronic payments, payment companies are increasingly focusing on improving payment infrastructure. In addition to traditional POS devices, providers are offering cost-effective mobile-based POS solutions for SMEs.

While the payment market is dominated by cards, mobile payments are also gaining popularity. For instance, Mobile payment provider Payconiq collaborated with payment acceptance solutions provider Servipay to offer QR code payment acceptance in Luxembourg.

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Luxembourg Cards and Payments Market Segmentation by Payment Instruments

Cards had the highest share of payment transaction volume in 2023

The key payment instruments in the Luxembourg cards and payments market are cards, cash, credit transfers, direct debits, and cheques. Payment cards are popular in Luxembourg and are widely used for both online and in-store payments. High awareness of payment cards, well-developed payment infrastructure, and strong merchant acceptance have made cards the preferred method of payment in the country. Additionally, the gradual adoption of contactless payments and further e-commerce growth are expected to boost card payments over the forecast period.

Luxembourg Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

Luxembourg Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

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Luxembourg Cards and Payments Market Segments

The key segments in the Luxembourg cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-Based Payments: Luxembourg’s payment card market is mature, with consumers holding an average of more than five payment cards. Well-developed payment infrastructure, a near-100% banked population, and the growing consumer preference for card payments have supported this uptake. The emergence of digital-only banks, the increasing preference for contactless, and strong e-commerce growth will boost the country’s payment card market over the forecast period. While the payment market is dominated by cards, mobile payments are also gaining popularity due to the availability of brands such as Apple Pay and Google Wallet.

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Luxembourg Cards and Payments Market - Competitive Landscape

A few of the leading players in the Luxembourg cards and payments market are BGL BNP Paribas, Banque de Luxembourg, Apple Pay, PayPal, Google Wallet, and Statispay among others.

Luxembourg Cards and Payments Market Analysis by Players, 2023

Luxembourg Cards and Payments Market Analysis by Players, 2023

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Key Developments

  • In May 2023, payment service provider Worldline launched its Tap on Mobile payment solution in Luxembourg. This enables merchants to accept payments (including contactless cards) via Android smartphones and tablets.
  • In March 2023, the Luxembourg Bankers Association Foundation for Financial Education and the Financial Sector Supervisory Commission advocated for the introduction of financial education in schools and academic institutions.

Segments Covered in the Report

Luxembourg Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Cash
  • Credit Transfers
  • Direct Debits
  • Cheques

Luxembourg Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

Scope

SCT Inst is a pan-European instant credit transfer scheme launched by the European Payments Council. The scheme operates 24 hours a day, seven days a week, 365 days a year. SCT Inst settles funds in near-real-time, with recipient banks required to credit amounts to their customers no more than 10 seconds after a payment is received. A maximum of EUR15,000 ($16,098.47) per transaction was allowed initially, but this was increased to EUR100,000 ($107,323.11) effective from July 1, 2020. SCT Inst supports both individual and business transactions. However, adoption remains comparatively low in Luxembourg, with only eight participants offering the service as of February 2024.

Despite an adult banked population of 99.7% as of 2023e, financial inclusion and financial literacy initiatives remain key priorities among relevant stakeholders. Although the level of financial knowledge of Luxembourg residents is generally high, the 18–29 age group scores 63 out of 100 as per the OECD’s financial literacy measure, which is below the OECD average. To help address this issue, in March 2023, the Luxembourg Bankers’ Association Foundation for Financial Education and the Financial Sector Supervisory Commission advocated for the introduction of financial education in schools and academic institutions.

To capitalize on the country’s growing ecommerce market, companies are expanding their online services to Luxembourg. In September 2023, European online fashion retailer ABOUT YOU expanded its operations to the country. Similarly, in March 2023, German online bicycle retailer Bike24 launched its ecommerce website in three European countries, including Luxembourg. Meanwhile, domestic online marketplace letzshop.lu, which enables Luxembourg’s merchants to sell their goods online, reached a user base of 100,000 consumers in 2022, following its launch in 2018.

Reasons to Buy

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

SBanque et Caisse d’Epargne de l’Etat
BNP Paribas
BIL
Banque de Luxembourg
Apple Pay
PayPal
Payconiq
Satispay
Visa
Mastercard
American Express.

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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