Market Size of Netherland Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.09 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Netherland Payments Market Analysis
The Netherlands payments market is estimated at USD 167.18 billion in the current year and is expected to reach USD 214.28 billion at the end of the forecast period by registering a CAGR of 5.09% during the forecast period.
The Dutch payment system has been influenced by technological innovation and evolving payment methods, resulting in a significant decrease in the use of paper-based instruments.
- TOP, the RTGS system owned and operated by the Netherlands Bank, handles large-value payments. Although the TOP system is designed to handle large-value interbank payments, there are no upper or lower value limits for payments in theory. This is also true for cross-border payments made through TARGET, to which TOP is linked.
- Interpay is developing electronic billing, a new method of electronically processing and accepting giros without the use of paper forms. Instead of mailing a paper invoice with an accept giro form, suppliers may send it electronically to Interpay, which would forward it to a debtor's bank's website. Debtors can receive a message authorizing them to where they can really find it, so they can electronically sign and deliver their order to transfer the due amount.
- Mobile payments are becoming increasingly popular in the Netherlands, where they are perceived as a safe and efficient payment method. In the Netherlands, this is increasingly possible through Apple Pay, Google Pay, and mobile banking apps. iDeal is the most frequently used payment option in the Netherlands, accounting for more than 70% of all transactions by value. It provides consumers with an efficient, secure, and easy method of purchasing via direct online payments from their bank accounts.
- Over 40 million instantaneous payments have been exchanged among the various payment service providers since December 2022. This, together with instantly processed intra-PSP payments of roughly the same volume, is on top of this. Currently Dutch instant payments are mostly used for person-to-person (P2P) transactions: for example, to pay for a used bike from a private seller or to redeem everyone's share for a group dinner. Smart, instant transfers for bulk payments are already being offered by several payment service providers. These are divided up into 'buckets' processing immediately at night in off-peak hours.
