The number of payments by cards with a debit function in Belgium has shown notable fluctuations over the past decade, with a volume of 2.11 billion units in 2023. Initial years from 2013 to 2019 experienced a general upward trend, marked by significant year-on-year increases such as 15.49% in 2014 and 13.24% in 2017. However, periods of stabilization (2015 and 2019) and a sharp decline in 2020 (-13.96%) due to the pandemic were also observed. The subsequent recovery led to a substantial 30.89% increase in 2021. The recent years saw a moderate growth rate of 3.11% in 2023, indicating steady recovery and stabilization post-pandemic.
Looking forward, the forecasted data from 2024 onwards suggests a continued but moderate increase in the number of payments, growing at an average annual rate (CAGR) of 2.29% until 2028, reaching 2.45 billion units. Overall, the analysis points towards a healthy yet steady growth trajectory for debit card payments.
Future trends to watch for include the increasing adoption of digital wallets, the impact of regulatory changes on transaction costs, and the evolving preferences for contactless payments, which could significantly influence the volume and patterns of debit card usage in the coming years.
