Belgians largely forego cash payments, study shows

Monday 17 May 2021 11:13 CET | News

Bancontact Payconiq Company, the banking association Febelfin, and the Free University of Brussels (VUB) have released a study showing only 13% of Belgians still prefer to pay with cash.

The ‘Digital Payment Barometer’ study showed that of all people who have used contactless card payments at least once, the higher age groups actually indicated being more familiar with it than the young people. Furthermore, 69% of Belgians have made contactless payments with their card at least once in a physical store, compared to 49% in early 2020. The biggest jump occurred in the group of 65 to 74 year olds. 76% of them made contactless payments at least once, compared to only 36% in 2020.

The number of Belgians who have paid mobile at least once in a physical store also increased from 30% in 2020 to 35% in 2021. However, only 4 out of 10 Belgians claim to be familiar with paying via smartphone in a physical store. The decline in the popularity of cash continues from 16% in 2020 to 13% in 2021. The age category that likes cash least (9%) is the group of 65 to 74 year olds.

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Keywords: study, report, payment processing, mobile payments, contactless payments
Categories: Payments & Commerce
Countries: Belgium
This article is part of category

Payments & Commerce