Belgium Cards and Payments Market, Opportunities and Risks to 2028

Belgium Cards and Payments Market, Opportunities and Risks to 2028

Summary

GlobalData’s ‘Belgium Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Belgian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cards, cash, credit transfers, direct debits and cheques during the review-period (2019-23e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024–28). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Belgium Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Belgian cards and payments industry, including -

• Current and forecast values for each market in the Belgian' cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cards, cash, credit transfers, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Belgian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Belgian cards and payments industry.

Scope

• Belgium has a well-established banking system and a high-banked adult population. The country is observing a gradual shift from traditional cash to electronic means of payment. To aid the development of digital payments, the European Payments Initiative (EPI) announced the launch of its mobile wallet solution Wero, in September 2023. The platform will be provided through EPI-associated member-bank and mobile apps. During its first stage, the focus will be on P2P, and it will be subsequently expanded to include online and mobile payments before finally enabling payments at the POS. The mobile wallet is set to launch initially in France, Germany, and Belgium in mid-2024, before being expanded to other European countries.
• The Belgian ecommerce market is expanding at a brisk pace. Seeking to seize the opportunities presented by this burgeoning market, Amazon initiated its expansion into the country in October 2022, by launching a dedicated Brands of Belgium section. This featured around 100 sellers offering a wide variety of products, including food and drinks, fashion accessories, healthcare, and home and kitchen products. Consumers can become Amazon Prime members, which gives them access to Amazon’s video-streaming service and Prime Gaming. Meanwhile, in May 2022, Klarna introduced a livestream shopping service in Belgium and many other markets, giving online users an interactive, virtual in-store experience.
• In Belgium, payment cards are the most popular payment option due to their security features and the availability of reward benefits. To offer enhanced security to card holders, banks and other card issuers in Belgium have been replacing Maestro cards with the Debit Mastercard since July 1, 2023, and this transition will be spread over a period of five years. Banks involved in the shift include Argenta, Bank van Breda, Beobank, Belfius, BNP Fortis, ING, KBC (KBC, CBC, KBC Brussels), Santander Consumer Bank, and Banque Nagelmackers.

Reasons to Buy

GlobalData’s ‘Belgium Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Belgian cards and payments industry, including -

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