Belgium Payments Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Belgium Payments Market is segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality).

Belgium Payments Market Size

Belgium Payments Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 8.30 %
Market Concentration Medium

Major Players

Belgium Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Belgium Payments Market Analysis

The Belgium payments market is expected to register a CAGR of 8.3% from 2022 to 2027. The primary factor driving the market's growth in the region is the strong growth in E-commerce and an increase in contactless payments, among others.

Digital payments are increasingly gaining traction in Belgium. Contactless (card) and mobile payments by smartphone are becoming increasingly popular. Before the COVID-19 pandemic, these ways of paying for goods and services were evidence of a steady shift to digital payments.

The shift towards digital payment methods includes the evolution of the front- and back-end parts of the payment system (instant payments, bill payments, request to pay, plastic cards, and digital wallets) and a revolution that involves structural changes to the payment mix and ecosystem (emergence of buy now pay later offerings, cryptocurrencies, and central bank digital currencies).

The increase in e-commerce in the region has influenced the payment landscape in the country. With the emergence of Covid-19, the region's e-commerce market has witnessed enormous growth as the lockdowns and COVID restrictions have forced shoppers to adapt to online retail and shopping, thus increasing the utilization of digital payment methods. Further, most of the population has adopted online transactions through mobile phones, indicating the acceptance and comfort of mobile-based payments.

The adoption of online payment has also affected the usage of cash. It is reflected in the country's cash withdrawal and usage reduction. According to Febelfin use of cash has declined by approximately 49% from 2012 to 2020, and it is forecasted to reduce by 26.5% by the end of 2025.

The emergence of COVID-19 has increased the need to adopt digital commerce, which increased businesses' adoption of digital financial services to provide goods and services to their consumers. Businesses have increasingly offered services, including digital payments and credit at the point of sale. This adoption of digital services for payments has improved access for finance to businesses, reduced costs, and increased the efficiency of the digital economy.

Belgium Payments Market Trends

This section covers the major market trends shaping the Belgium Payments Market according to our research experts:

Increase in E-commerce is Expected to Drive the Payments Market in Belgium

The real-time accessibility of products and their availability 24 hours a day on e-commerce platforms disrupts several aspects of consumer shopping behavior, including online payment methods.

The payment market is undergoing a significant transformation as a result of digitization. E-commerce developments pave the way for new digital payment solutions and payment industry participants, leading to the advent of a cashless society.

According to the International Trade Administration, in 2020, e-commerce accounted for 108 million transactions. Card Payments were the country's most preferred way of payment, followed by PayPal. 58% of all the online transactions were conducted by mobile.

Further, laws such as the mandatory acceptance of electronic payment processes by all the commercial establishments in the country as an action against fraud are increasing the adoption of digital payment methods in the country.

Belgium Payments Market : Leading E-Commerce Segments, Belgium, by Market Share (%), 2021

Mobile Payment Segment is Expected to Gain Significant Traction

Mobile payment software applications were developed to make payments on smartphones and tablet devices, including mobile wallets, such as PayPal, Apple Pay, Android Pay, and Samsung Pay, and specifically designed apps from banks or retail companies.

Recently, more and more alternative payments are being developed, tested, and introduced in the country. Mobile payments are becoming increasingly popular as the applications can be used to perform the daily banking needs using a mobile phone or a tablet and can also be used as an alternative to cash and cards.

Mobile payments can be made via digital wallets or bank cards to make cashless and contactless payments. These applications can also be used to make payments to friends and family.

Further, due to technological advancement, banking apps include new features that make payments seamless and easy for users. For instance, in October 2021, the Belgium-based payments platform Payconiq by Bancontact integrated a new Scan for Change option, facilitating payment donations via QR code in the mobile app.

With increasing threats related to online security from hackers and scammers, banking providers are implementing features such as facial recognition, fingerprint scanning, and other biometric verifications to increase the security of the applications.

Belgium Payments Market : Number of Payconiq, in Millions, Belgium, 2017-2020

Belgium Payments Industry Overview

The payments market in Belgium is significantly fragmented, encompassing a considerable level of competition. The companies operating in the market are undertaking various initiatives to increase their market presence, contributing to the market growth. Moreover, promising efforts by the government to propel digital payments will also increase the competition in the market over the coming years.

February 2022 - The government of Belgium drafted a law stating that all brick-and-mortar businesses will have to offer at least one means of electronic payment to consumers from the 1st of July 2022.

January 2021 - Payment service provider Buckaroo announced its expansion into Belgium by offering online payment services.

Belgium Payments Market Leaders

  1. Bancontact Payconiq Company

  2. America Express Company

  3. Visa Inc.

  4. PayPal Payments Private Limited

  5. Sofort UK Limited.

*Disclaimer: Major Players sorted in no particular order

Belgium Payments Market Concentration

Belgium Payments Market News

  • August 2021 - ING Belgium announced that it had added support for Apple Pay by bringing the contactless payment system to 1.4 million customers who use the ING Banking app with their cards.

Belgium Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in Belgium

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in Belgium

    6. 4.6 Impact of COVID-19 on the payments market in Belgium


    1. 5.1 Market Drivers

      1. 5.1.1 Increase in e-Commerce adoption is expected to drive the Payments Market in Belgium

      2. 5.1.2 Rise in contactless card payments

    2. 5.2 Market Challenges

      1. 5.2.1 Payment card related frauds to impede the market growth

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

      2. 5.3.2 New payment methods such as Buy now Pay later

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to the payments industry in Belgium (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in Belgium

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in Belgium

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 Bancontact Payconiq Company

      2. 7.1.2 Visa Inc.

      3. 7.1.3 American Express Company

      4. 7.1.4 Sofort UK Limited.

      5. 7.1.5 PayPal Payments Private Limited

      6. 7.1.6 Mastercard Inc.

      7. 7.1.7 KBC Group N.V.

      8. 7.1.8 Belfius

      9. 7.1.9 Klarna Inc.

      10. 7.1.10 ING Home Pay

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

Belgium Payments Industry Segmentation

The Belgium Payments Market is segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality). E-commerce payments include online purchases of goods and services such as purchases made on e-commerce websites and online booking of travel and accommodation. The market scope excludes online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for Point-of-Sale, all transactions that occur at the physical point of sale are included in the scope of the market. It includes traditional in-store transactions and all face-to-face transactions regardless of the location of the transaction. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Belgium's market estimates and growth rates throughout the anticipated period. The study looks at COVID-19's overall influence on the Belgium payment ecosystem.

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries

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Belgium Payments Market Research FAQs

The Belgium Payments Market is projected to register a CAGR of 8.3% during the forecast period (2023-2028).

Bancontact Payconiq Company, America Express Company, Visa Inc., PayPal Payments Private Limited and Sofort UK Limited. are the major companies operating in the Belgium Payments Market.

Belgium Payments Industry Report

Statistics for the 2023 Belgium Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Belgium Payments analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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