Pay by Bank (BE)
In Belgium, Pay by Bank services are widely used, with over 83% of consumers favoring digital payments over cash. Platforms like Bancontact and Payconiq by Bancontact connect more than 20 major Belgian banks, enabling secure, real-time transfers for online and in-store purchases. This shift aligns with Belgium’s growing preference for digital payments, with only 13% of transactions now conducted in cash.
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Reasons for Popularity
Integration with Local Payment Systems: Services like Bancontact and Payconiq by Bancontact facilitate seamless Pay by Bank transactions, connecting with over 20 Belgian banks and supporting both online and in-store payments.
Consumer Preference for Digital Payments: A significant shift towards digital payments is evident, with 83% of Belgians preferring digital payments over cash. This trend is further supported by the fact that only 13% of Belgians still prefer to pay cash, indicating a strong inclination towards digital payment methods.
Enhanced Security and Convenience: Pay by Bank transactions offer robust security features, reducing fraud risks associated with card payments. Additionally, the convenience of using familiar banking interfaces for payments enhances user experience and trust.
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