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Payments in Belgium 2017-What Consumers Want

“Payments in Belgium 2017: What Consumers Want”, 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. The report also examines the main regulatory players overseeing the market.

The payment card market in Belgium is well-developed, with penetration of 2.0 cards per inhabitant. Improved payment infrastructure, a strong banked population, a gradual shift from cash to card-based transactions, and the expansion of retail and e-commerce markets have supported this growth. Belgian consumers are very comfortable with established payment instruments, with domestic payment method Bancontact the most commonly used card scheme in the country. The EU regulation capping interchange fees for banks operating in the EU and a cap on cash transactions by Belgium’s central bank have also helped drive electronic payments. With the increased adoption of mobile point of sale (mPOS) solutions by smaller merchants, usage of electronic payments is set to surge over the forecast period. Contactless payments remain in the developmental phase, but the launch of a contactless payment feature by Bancontact and the introduction of Android Pay in Belgium are expected to provide a much-needed boost.

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It provides in-depth analysis of the following-
-Analyzes consumer attitudes to financial services by lifestage.
-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 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.

Report Scope:

-Belgium was the first country to issue electronic purse cards through the Proton scheme and standardize a unique system of credit transfer messages for bill payments.
-Belgium’s debit card market is dominated by the Bancontact scheme. Maestro also has a presence in the debit card space, but its card are co-badged with Bancontact debit cards.
-In August 2017, Bancontact partnered with payment service provider myPOS. The partnership enabled Bancontact to reach out to small-and medium-sized merchants, allowing them to accept both online and in-store payments made with Bancontact cards using the myPOS payment acceptance solution.

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 Reasons to buy:

-Understand the key facts and figures in the consumer payments market in Belgium.
-Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
-Find out what products the major competitors are launching in the market.
-Discover consumer sentiments towards various payment tools in the Belgian market and use this knowledge to inform product design.

Companies Mentioned:

BNP Paribas
Belfius Bank
ING Bank
KBC Bank
Credit Mutuel
Bancontact
Visa
Mastercard
American Express

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