Belgium POS Terminals Market Size

Belgium POS Terminals Market Analysis

The Belgium POS terminal market is expected to grow with a CAGR of 13.87% during the forecast period of 2022-2027. In the current market scenario, POS terminal systems have evolved from transaction-oriented devices to systems that support and integrate into businesses' CRM and other financial solutions. This instance allowed companies to leverage captured transactional data through POS terminals for business intelligence.

• As per the European Central Bank, in 2021, the total number of POS terminals, including all payment services in Belgium, was 300,220, whereas the total count was 273,972 in 2020, indicating a rise in the total number of POS terminals in Belgium.
• As per Statbel, in 2022, the population of Belgium was approximately 11.58 million and had increased by about 63,000 compared to 2021. With the rise in the population, the overall consumption of goods and services will also increase. This rise in the consumption of goods and services will create the demand for better payment alternatives and fuel the overall growth of the POS Terminals Market in Belgium.
• The rise in fraud, scams, and various security-related concerns due to the usage of critical information during payment methods might be a factor that can restrain the market's growth in the region.
• The surge in the demand for online payment methods propels the payment terminal market's growth. In Belgium, various merchant offerings on online payment, such as point-of-sale and rebates, encourage users to make digital payments, driving the demand for payment terminals. The digital payment market is growing primarily due to rapid advancements in e-commerce, mobile payment technologies, and the rising use of mobile wallets.
• The COVID-19 pandemic had created a huge demand for contactless payments, increasing the need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.