Albany, New York, December 26, 2016: The rapidly exchanging cards and payments industry is the focus of a new report that has been broadcasted to the vast repository of Market Research Hub (MRH). It is titled as “Belgium Cards and Payments Industry - Emerging Trends and Opportunities to 2020”. The major focus of this study is the Belgium market along with several Payments by Card Market currently operating in the industry. The report also delivers detailed information on the number of cards in circulation, transaction values and volumes during the forecast period of 2016 to 2020.
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Belgium has clearly become one of the most advanced countries in the cashless world. The Belgian government has given a high priority to making payment system more efficient. A majority of the population in the country is urban and has a high level of access to financial services, modern infrastructure and latest technologies such as electronic payment through debit or credit card. Among the cards payments industry, Belgian consumers are more inclined towards debit cards and also possess a greater appetite for using pay-now cards over pay-later cards. Moreover, Belgian consumers within the cards and payments industry prefer to use alternative payment solutions such as PayPal, Sixdots, Seqr, Sign2Pay, Unified payment platform, SafetyPay and Ping Ping. Almost 52% of all cashless transactions made on Belgian e-commerce websites use the above mentioned payment methods.
As per the study, more than 80% of Belgian population had access to the internet, thus almost half of the population is participated in online shopping through e-commerce and m-commerce platform. Due to the emergence of mobile-only bank is likely to accelerate a shift towards electronic payments in Belgium. Consequently, it has increased the market trend & further continued to record positive results. In the next section, the research also outlines the current regulatory framework in the industry.
According to the key findings, In July 2016 ING Belgium and KBC Bank have collaborated to launch a unified payment platform for mobile payments (m-payments) to promote electronic payment methods. This platform combines ING Belgium’s payment app Payconiq loyalty platform “Qustomer” & KBC Bank’s loyalty platform “CityLife”. Also, around one million customers and 2600 retailers in Belgium are part of Qustomer, whereas 3000 retailers are part of Payconiq. This association of applications will create a unified mobile payments and loyalty platform.
Furthermore, the report also offers information on the competitive landscape, industry dynamics and strategies adopted by the major competitors along with their market shares.
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