The Netherlands card payments market is forecast to grow at a compound annual growth rate (CAGR) of 6.3% between 2024 and 2028 to reach €266bn ($287.6bn) in 2028, supported by the constant consumer shift towards electronic payments, according to GlobalData, publishers of EPI.
GlobalData’s Payment Cards Analytics reveals that card payment value in the Netherlands registered a growth of 25.8% in 2022, driven by a rise in consumer spending. The value is estimated to have registered a growth of 10.5% to reach €191.1bn ($206.6 bn) in 2023.
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Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, commented: “The Netherlands is one of the leading countries in Europe in the digitalisation of payments, supported by government and financial institution initiatives aimed at the growth of electronic payments and a well-developed payment infrastructure. A high banked population, POS network expansion, and increased acceptance of contactless cards contribute to this advancement.”
Payment card usage is gaining popularity at the expense of cash, though it is still commonly used for low value payments and therefore, remains an important part of the overall payment landscape. However, there has been a consistent decline in cash usage, while electronic payment methods have witnessed an increase.
The growth in card payments is also supported by a well-developed payment infrastructure with 39,573 POS terminals per 1 million individuals in 2023, among the highest in the region. To push adoption, payment service providers are also coming up with mobile POS terminals. Most recently in August 2023, Apple expanded its Tap to Pay on iPhone solution in the Netherlands, allowing merchants to use their Apple device as a card acceptance device.
The number of contactless debit card payments reached 4.6 billion in 2022
The adoption of contactless card payments is high in the Netherlands, a trend actively encouraged by banks and scheme providers, which in turn is contributing to overall card usage. Notably, all major banks in the country now offer contactless cards. According to the Dutch Payments Association, the number of contactless debit card payments reached 4.6 billion in 2022 up by 20% compared to 2021. Around 90% of all debit card payments were contactless compared to 87% in 2021.
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By GlobalDataSharma concluded: “The prevalence of cashless payments is rising, with a growing preference for card transactions over cash for purchases supported by the expansion and modernisation of POS terminals. The Dutch card payments market is anticipated to continue its growth trajectory, registering 9.0% growth to reach €208.3bn ($225.2bn) in 2024.”
