The value of payments by cards with a credit function in Belgium has shown variability over the years. In 2023, it stood at $7.23 billion USD, showing a slight year-on-year increase of 0.18%. The compound annual growth rate (CAGR) over the last five years was -0.66%, indicating a slight decline in overall value.
Some key historical trends include:
- A significant dip in 2015 (-19.22%), recovering steadily through 2018 (11.73% growth).
- A sharp decline in 2020 (-16.84%) followed by a substantial rebound in 2021 (26.74%).
- Variability continued with slight fluctuations in 2022 and 2023.
The forecast from 2024 to 2028 predicts modest growth with a forecasted 5-year CAGR of 0.14%, equating to a 0.68% growth rate over the period.
Future trends to watch for include the impact of emerging payment technologies and regulatory changes in the financial sector. Monitoring consumer behavior changes, particularly in the context of digital wallets and contactless payments, will be crucial for understanding future market dynamics.
