Key Market Indicators
Belgium's credit card transaction volume is projected to increase slightly, reaching $7.32 billion by 2028. This marks a modest rise from $7.23 billion in 2023, translating to a compound annual growth rate (CAGR) of 0.1%. However, since 2019, the country's demand for credit card transactions has declined by 0.7% annually. In the global ranking for 2023, Belgium placed 20th, with Saudi Arabia surpassing it by hitting the $7.23 billion mark. South Korea, Japan, and Canada occupied the second, third, and fourth positions, respectively. In terms of the number of credit cards, Belgium's figures are forecasted to reach 2.57 million units by 2028, up from 2.47 million units in 2023. This reflects an average annual growth rate of 0.6%. Notably, Belgian supply has increased by 0.8% each year since 2019. In 2023, Belgium ranked 20th, with Saudi Arabia again taking the lead at 2.47 million units. China, Japan, and Brazil followed closely, securing the second, third, and fourth spots in the ranking.
