Payment Methods in Belgium

Belgium, a multilingual country at the heart of Europe, was a leader in internationalising its economy and paving the way for the single currency EUR.

So it’s no wonder that it has a diverse and ever-evolving payment landscape. If you want to do business in Belgium, knowing how people prefer to pay both online and in-store is fundamental to your success.

In this article we’re exploring the most popular payment methods in Belgium, the key payment providers and why open banking is challenging the old institutions.

Top 6 payment methods in Belgium

From cards to crypto to pay-by-bank, there’s great diversity amongst the most used payment methods in Belgium. We’re looking at today’s frontrunners, but with over 83% of the population now preferring digital payments, the market is ripe for new, competitive payment solutions.

1. Card Payments

Card payments still reign supreme in Belgium, representing more than half of all payments in terms of volume.  Debit cards are the preferred choice, especially for day-to-day purchases, accounting for around 85% of the total card payment value.

Key Belgium providers include:

Bancontact, a domestic card network accepted both online and in-store, dominates the card scheme in Belgium, with a reported 17 million Bancontact cards in circulation (compared to a population of 11.79 million).

Visa and Mastercard debit and credit cards are widely co-branded with the key Belgian banks. Popular among international travellers, cross-border transactions and online shopping.

Maestro, the international debit scheme developed only for in-store payments, is being gradually replaced with the Debit Mastercard.

Contactless card payments

Throughout 2024, 82% of Belgians paid by contactless card payments (compared to just 47% in 2020). They’re fast, secure and nearly 40% of Belgians would opt for contactless payments if they had to choose between all forms of payment methods.

Younger Belgians (16-24) prefer mobile based payments.

2. Cash Payments

While it can seem like cash is a relic of the past, it’s still in fact the most common means of payment (at POS) across the EUR area, accounting for 52% of payments.

The Belgians are less keen though, where cash makes up just 39% of total retail purchases, down from 45% in 2022. The drop can likely be attributed to a law passed in 2022 to standardise digital payments and allow consumers to pay with an electronic payment means in all shops (in addition to cash).

If no e-payment is possible 12% of Belgians abandon the transaction and leave the shop, increasing to 18% of young people aged 18-24.

3. Digital wallets and mobile-based payments

Between 2019 and 2024, the usage of mobile payments at point of sale (POS) in Belgium increased from 17% to 22%. This includes paying via digital wallets and using QR codes.

For online payments using a smartphone, Belgium’s key provider Bancontact Payconiq Company, accounting for over 70% of all online payments, reported a 28% increase from 2023-24.

They offer speed, convenience and enhanced security for both online and offline payments, and usage is on an inevitable upward trajectory as less and less people aged under 40 carry cash.

Key providers in Belgium:

• Bancontact Mobile / Payconiq by Bancontact: Combines Bancontact’s domestic payments network with the QR code-based payments platform Payconiq. Users can make online, in-store and P2P payments using just their smartphones.
• Apple Pay, Google Pay, Samsung Wallet: Global mobile wallets are increasingly accepted by Belgian merchants. They support tokenised card payments and are integrated into NFC-enabled devices.
• Digicash: Luxembourg-based, but used near border regions.

4. Buy Now, Pay Later (BNPL)

The BNPL sector is emerging in Belgium but still lags behind neighbouring countries like the Netherlands and Germany. However, it is gaining traction in online retail and is expected to reach a gross merchandise value of US$6.70bn by 2029.

Key providers in Belgium:

• Klarna: The Swedish fintech offers BNPL services in Belgium, allowing consumers to split payments or pay after delivery.
• Alma: Provides both online and in-store BNPL solutions. 
• Scalapay: Targets younger online shoppers with flexible instalment plans.

5. Cryptocurrencies

Crypto payments remain niche in Belgium, although awareness is growing. While not yet considered a legal tender, some merchants accept Bitcoin and Ethereum through crypto payment processors, but regulatory caution and volatility have slowed mainstream adoption.

Currently, only 6% of the population invest in cryptocurrency.

6. Bank Transfers and Open Banking

In terms of payment value, bank transfers account for over 90% of all payments in Belgium. Unlike cards, they’re not subject to a limit and are mainly used for large amounts, primarily bill payments, business transactions and personal transfers (P2P).

Common bank transfers are direct debits, standing orders, international SWIFT transfers and SEPA. Belgium participates fully in the SEPA (Single Euro Payments Area) scheme, with many banks supporting SEPA Instant Credit Transfers, enabling near-instant payments across the eurozone.

Open Banking has emerged a powerful evolution of traditional bank transfers. Driven by the  PSD2 directive, Open Banking payment initiation services (PIS) let customers make real-time payments directly from their bank account–no cards, no manual transfers, no intermediaries, no hassle.

It combines the convenience of digital wallets with the trust of bank transfers, while eclipsing the speed of card payments.

Despite a slow start, an increasing number of Belgian banks and PSPs now participate in real-rime payments, with real-time payments volume expected to hit 1.5 billion by 2026 (up from a mere 115 million in 2021).

Key providers in Belgium:

Banks
All major banks, like KBC, Belfius, BNP Paribas Fortis, support bank transfers in Belgium.

Wero
A digital wallet developed by the European Payments Initiative (EPI), aimed at providing a unified alternative to international payment systems like Visa, Mastercard, and PayPal. Launched in Belgium in November 2024, Wero facilitates instant, account-to-account payments via banking apps. Users send and receive money through QR codes or by using their smartphone's contact list.

Wero is integrated into the mobile banking apps of some major banks like Belfius, KBC and BNP Paribas Fortis, but as a new product not all banks have joined yet.

Cross-border payments can be made to contacts in France and Germany, with plans to expand to the Netherlands and Luxembourg in the future.

Noda
Noda’s open banking payment services for Belgian businesses facilitate seamless, real-time bank transfers for both domestic and cross-border transactions. Like Wero, it's supported by integration with Belgian banks, including Belfius, KBC and BNP Paribas Fortis, among others.

Noda operates across Europe, the UK and further afield in Canada, Australia and Brazil, with a total of 2000+ bank partnerships in 28 countries.

Other Key PSPs

• Isabel Group: Leading fintech company providing payment services and solutions for documentation and identities.
• Trustly: Offering open banking services, but often considered a payment method
• Tink: Supports bank transfer infrastructure and Open Banking services in Belgium but focuses more on serving other financial businesses

The benefits of open banking in Belgian payment methods

Considering 85% of Belgian banking customers now using a bank app, the market is primed and ready for open banking payment solutions.

Here are some of the key advantages over other payment methods in Belgium:

• Lower Fees: Bypasses card networks for significantly cheaper transaction costs.
• No Chargebacks: Direct bank-to-bank payments eliminate risk of chargebacks.
• Faster Settlements: The UK’s Faster Payments and SEPA Instant across the EU facilitate instant payment processing with participating banks.
• Enhanced Security: PSD2 compliance, bank-level authentication, and Strong Customer Authentication offer a secure and trustworthy payment environment.

Why businesses choose open banking with Noda

Noda has extensive coverage across Belgium while also offering a truly global payment solution for businesses with ambitions to scale internationally.

As well as instant bank payments, and ultra-low transaction fees (as low as 0.1% with no monthly fees or hidden costs), businesses benefit from:

• Global Bank Coverage: Access 2,000+ banks across 28 countries.
• High Acceptance Rate: An impressive payment acceptance rate of up to 94%.
• Multiple ways to accept payments: Branded no-code payment pages (no website needed), plus instant payment links, QR codes and card payments.
• Seamless integration: Compatible e-commerce plugins for major platforms, plus API support for customised setup.
• Personal Account Management: From day one, we’ll get to know you and your business, providing personal customer support whenever you need it.
• Comprehensive Data Services: Provides insights into customer spending habits and LTV prediction, helping merchants to identify high-value customers and make better marketing decisions.

Meet modern consumer demand with better, faster, more secure payments

Belgium’s payment landscape is shaped by a mix of strong local infrastructure and openness to European and global innovations. Traditional methods like Bancontact and SEPA transfers continue to dominate, but mobile wallets, BNPL and Open Banking are reshaping how Belgians pay.

Noda offers an all-in-one, streamlined and global payment solution that’s directly connected to the Belgium banking systems, and bypasses the expensive card networks altogether.

So you benefit from real-time bank transfers, low-cost transactions and secure payments, while your customers experience the ultimate frictionless checkout.

Chat to the Noda team today to find out more.