The Belgian payments market is highly developed, with consumers very comfortable using debit cards. Belgian consumers are very comfortable with established payment instruments, with domestic payment method Bancontact the most commonly used card scheme in the country. However, online commerce and mobile proximity payments will gain traction among Belgian consumers provided use cases and advantages over traditional payment tools are highlighted during the early stages of adoption.
This report examines the consumer payments market in Belgium, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. It also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in Belgium are deploying these tools to meet customer needs.
- Explores the online payment market in Belgium by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
- As a result of the limited growth forecast for the number of cards in use, providers should aim to increase revenues by encouraging more consumers to obtain a credit card.
- While e-commerce accounts for the vast majority of online purchases by value in Belgium, m-commerce is set to record a significant compound annual growth rate of 33% between 2015 and 2020.
- The share of consumers who do not have a mobile wallet and have no interest in getting one increased by almost 5 percentage points between 2014 and 2015, implying consumer interest is the main barrier to mobile wallet adoption.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Belgium.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in the Belgian market and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Belgian payments players and any recent or upcoming changes to those requirements.