Netherlands Cards and Payments – Opportunities and Risks to 2028

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Netherlands Cards and Payments Market Report Overview

The annual value of card transactions in the Netherlands cards and payments market was $205.1 billion in 2023. The Dutch cards and payments market will grow at a CAGR of more than 6% during 2024-2028. Dutch banks are progressively switching from Maestro and V PAY to Mastercard- and Visa-branded debit cards. Since July 2023, Mastercard and Visa have no longer issued Maestro and V PAY cards.

Netherlands Card Transactions Outlook, 2024-2028 ($ Billion)

Netherlands Card Transactions Outlook, 2024-2028 ($ Billion)

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The Netherlands 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 Netherlands 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) $205.1 billion
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Payment Instruments ·       Cards

·       Credit Transfers

·       Direct Debits

·       Cash

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       In-Store Payments

·       Buy Now Pay Later

·       Mobile Payments

Leading Players ·       De Nederlandsche Bank (DNB)

·       ABN AMRO

·       de Volksbank

·       ING

·       Rabobank

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Netherlands Cards and Payments Market Dynamics

The growing number of fintech companies and digital-only banks will drive competition in the banking space. This will help in boosting debit card holding. For instance, in January 2022, Revolut launched its banking services in the country. It offers Standard, Plus, Premium, Metal, and Ultra accounts, as well as a Mastercard debit card in the country.

The adoption of contactless payments on public transport is also increasing contactless payments in the country. According to the DPA, in 2023, many used contactless payments (payment cards, mobile wallets, and wearables) for public transportation in the country. This was attributed to the collaboration between Mastercard and the Dutch public transport system developer Translink in June 2023. This collaboration enabled the OVpay payment service on all public transport, including trams, trains, buses, and metros, making the Netherlands the first country globally to launch a fully contactless public transport payments system nationwide.

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Netherlands Cards and Payments Market Segmentation by Payment Instruments

Payment cards had the highest transaction volume in the Netherlands payments space in 2023

The key payment instruments in the Netherlands cards and payments market are cards, credit transfers, direct debits, cash, and cheques. Payment card usage is gaining popularity at the expense of cash. A high-banked population and widespread financial awareness have ensured the strong adoption of payment cards. Going forward, the emergence of digital-only banks, a growing e-commerce market, and the rising adoption of contactless payments in the country will further support payment card usage.

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

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

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Netherlands Cards and Payments Market Segments

The key segments in the Netherlands cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, and mobile payments among others.

Card-Based Payments: The Dutch payment card market is well developed and mature, with consumers holding over two cards each, more than in many other countries in the region. This is attributed to a high level of awareness of electronic payments, combined with a well-developed payment acceptance infrastructure. Debit cards dominated the payment card market both in terms of cards in circulation and transaction value.

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Netherlands Cards and Payments Market - Competitive Landscape

A few of the leading players in the Netherlands cards and payments market are De Nederlandsche Bank, ABN AMRO, de Volksbank, ING, and Rabobank among others.

Netherlands Cards and Payments Market Analysis by Players, 2023

Netherlands Cards and Payments Market Analysis by Players, 2023

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Netherlands Cards and Payments Market – Latest Developments

  • In June 2022, Klarna introduced a loyalty card feature, enabling users to make payments using loyalty cards via the Klarna app.
  • In July 2022, supermarket chain Aldi opened a checkout-free store called Aldi Shop & Go in Utrecht. Customers enter and exit the store using a dedicated app. Once customers complete their shopping and leave the store, the amount is debited from their preferred payment method linked to the app.

Segments Covered in the Report

Netherlands Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2028)

  • Cards
  • Credit Transfers
  • Direct Debits
  • Cash
  • Check

Netherlands Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2028)

  • Card-Based Payments
  • Merchant Acquiring
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

• In 2020, European Payments Initiative (EPI), an instant payment scheme, was launched by 16 banks and financial services with the aim of creating a unified payment solution in Europe for consumers and merchants with mobile wallets. EPI finally announced the brand name of this solution, wero, in September 2023. In October 2023, EPI completed the acquisition of Dutch payment scheme iDEAL, which will be rebranded as wero and replace iDEAL from 2025. wero will be available through EPI-member bank apps and as a standalone mobile app. Initially, EPI will support person-to-person and consumer-to-business payments, then online and POS payments. EPI plans to commercially launch wero in mid-2024 in Belgium, France, and Germany, followed by the Netherlands and other European countries.

• Dutch banks are progressively switching from Maestro and V PAY to Mastercard- and Visa-branded debit cards. Since July 2023, Mastercard and Visa have no longer issued Maestro and V PAY cards. According to the Dutch Payments Association, more than 30 million Dutch debit cards bearing Maestro or V PAY branding will be gradually replaced by the end of 2028, and all Dutch payment cards will bear the Visa Debit or Mastercard Debit brand. Meanwhile, consumers with a valid V PAY or Maestro debit card can continue to make payments and withdraw cash anywhere in Europe.

• The growing number of fintech companies and digital-only banks will drive competition in the banking space, thus helping boost debit card holding. In January 2022, Revolut launched its banking services in the country. It offers Standard, Plus, Premium, Metal, and Ultra accounts, as well as a Mastercard debit card in the country. Furthermore, in December 2023, the Dutch Payments Association (DPA) endorsed Revolut as its newest member. This allows Revolut to participate in collective Dutch payment transaction facilities such as the Switching Service, as well as debit card acceptance agreements.

Reasons to Buy

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

De Nederlandsche Bank
ABN AMRO
de Volksbank
ING
Rabobank
Dutch Payments Association
American Express
Visa
Mastercard
Adyen
Klarna
PayPal
Apple Pay
Google Pay

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store 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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