Market Trends of Belgium POS Terminals Industry
This section covers the major market trends shaping the Belgium POS Terminals Market according to our research experts:
Rising Adoption of Contactless Payment
- People in Belgium are widely adopting contactless payment options. There is a growing trend of contactless payment systems like credit cards, smart cards, debit cards, or other devices, including smartphones and various other mobile devices that utilize radio-frequency identification (RFID) or NFC (near field communication), e.g., Google Pay, Apple Pay, Fitbit Pay, Murphy, or any bank mobile application which support Contactless technology for making secure payments.
- The stores and services in Belgium are rapidly integrating and adopting several mobile payment applications, like PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept payments. Due to the vast changing lifestyles, daily commerce, and rapid growth in online retailing, this trend is expected to continue over the forecasted period.
- As per the National Bank of Belgium, the introduction of chatbots and digital wallets, the creation of neobanks, and the several establishments of partnerships with other major market players are all initiatives that illustrate the growing digitization in the banking sector. This technique is not new, but the pandemic has pushed digitization in this sector into high gear.
- The growing desire for contactless and cashless payments has also fueled the market growth. The rise in digitalization, the use of e-payment platforms, and the rising regulatory intervention on secure payments due to multiple financial fraud cases have led to the growth of the payment terminal market in the region.
- As per Eurostat, the total share of daily internet users in Belgium increased by two percent in 2021 compared to the previous year. With 86 %, the share of daily internet users thereby reached its highest value in the observed period. Notably, the share of daily internet users has been, except for 2020, continuously increasing over the last years. This will drive the demand for Contactless payment systems, which will enhance the market's growth in the region throughout the forecasted period.
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Retail Sector is Expected to Witness Significant Growth
- Belgium, which is situated in Western Europe, is a modern economy with a diverse set of industries and commercial activities. Over the past decade, sales numbers of the entire wholesale and retail trade in Belgium have developed positively. This positive sales development in terms of the total retail trade industry will augment the market's growth.
- According to Retail-Index, in the year 2022, with 100 chains, the fashion and apparel industry was the largest retail chain in Belgium. Home goods came in second with 29 retail chains. The third-placed furniture and decoration industry had 25 retail chains, while the pet care and car parts and accessories industries had only six each.
- According to OECD (Organisation for Economic Co-operation and Development), in the second quarter of 2020, the total retail trade sales volume in Belgium was 99.7index. Retail trade volume surpassed the index level starting in the third quarter of 2020 and was recorded at 105.4 in the second quarter of 2022. This rise in the overall retail index indicates a growing trend in the positive direction in terms of the growth of the retail sector in Belgium.
- The retail market, both on the occupational and investment side, in Belgium is changing rapidly, primarily due to the factors like the COVID-19 outbreak, changes in demographic patterns, the exponential rise of online retail, and the emergence of new formats and retail concepts. The retail market is experiencing an unprecedented mutation. Due to this, retailers, owners, developers, brokers, and clients are positively impacted.
- Belgium saw a significant change in total retail trade sales in the last decade. As per OECD, in 2021, the overall retail sales grew by 5.5% compared to the previous year's period. This increase in retail sales will significantly drive the growth of the Belgium POS Terminals Market.
