Contrary to what people might think, the bank card is not always the most popular payment method in every country. On this note, Belgium is a country where Bancontact is rocking the market! Let’s give you some insights.
Belgium and e-commerce: a story worth telling?
With sales of over €6.1 million in 2014, Belgian e-commerce is ranked 20th in Europe. While this is far from the €127 million spent by anglo-saxons every year, Belgium is a small population of just 5 million, meaning that an average €1,234 is spent annually per person. Transactions are carried out via bank cards (40%) and bank transfer (20%) but mostly with Bancontact (32%)!s
What is Bancontact?
Belgians know how it’s done when it comes to payments by debit, but not just any debit card; we’re talking about Bancontact. With Bancontact, Internet users can simply pay for their purchases by inputting their debit card information or via an all-new mobile app.
Created in 1989, Bancontact is the most popular payment method in Belgium. There are over 42,000 transactions processed daily with Bancontact! This payment method can be used both online and in-store; over 99% of Belgian consumers are familiar with it and like it. 81% of e-shoppers use Bancontact, representing a 32% market share for the payment method in this country.