Forecast: Value of Card Payments in Belgium

Between 2013 and 2023, the value of card payments in Belgium experienced fluctuations, notably increasing by 10.52% in 2013 and decreasing by 16.16% in 2020. The most significant growth occurred in 2021, with a 27.74% year-on-year increase, reflecting a strong post-COVID recovery. However, growth tapered off afterwards, with a modest increase of 0.93% in 2023, standing at 95.88 billion USD. The compound annual growth rate (CAGR) over the past five years up to 2023 was approximately 0.98%. The forecast for 2024-2028 suggests a steady, albeit slow, growth with a 5-year CAGR of 0.72%, reaching 100.73 billion USD by 2028.

Future trends to watch for include:

• Continued digital innovation in payment methods.
• Impact of economic conditions on consumer spending habits.
• Adoption rates of contactless and mobile payments.
• Regulatory changes influencing the financial ecosystem.
• Potential market saturation and its impact on growth rates.