The way we pay is changing fast, and smartphones are leading the charge. According to the latest data from Bancontact Payconiq Company, a key player in electronic and digital transaction management, Belgium saw a 30% spike in payment app transactions in 2024 compared to 2023. Whether it’s shopping online or tapping to pay in stores, Belgians are increasingly ditching traditional methods for the convenience of mobile apps.
Online Shopping Dominates
Of the 470 million transactions processed via payment apps in 2024, a whopping 335 million—70%—were for online purchases. Nathalie Vandepeute, CEO of Bancontact Payconiq Company, notes, “90% of online payments are now made through mobile apps, with just 10% relying on card readers.” This shift underscores how deeply embedded smartphones have become in e-commerce.
In-Store Growth Steals the Spotlight
While online payments lead the pack, the real growth story is happening in physical shops. In 2024, 65 million in-store payments were made using smartphones—a staggering 58% jump from 2023. This surge reflects a growing comfort with tapping phones at checkouts. Meanwhile, peer-to-peer transfers, like splitting bills with friends or family, accounted for 70 million transactions, rounding out the mobile payment landscape.
Broader Trends: Contactless on the Rise
Bancontact Payconiq Company processed a total of 2.5 billion payments last year, up 5% from 2023, with Bancontact debit cards still dominating the mix. But the standout trend? Contactless payments. Of the 1.9 billion in-store Bancontact transactions, over two-thirds were contactless, a clear sign that speed and ease are winning over consumers. “We’ve noticed a significant uptick in contactless usage,” Vandepeute adds.
Payconiq Brand to Fade Away
Looking ahead, change is on the horizon. The Payconiq brand will be phased out in 2026, along with the “Payconiq by Bancontact” app name. Don’t worry, though—the app itself isn’t going anywhere. It’ll just get a new name, ensuring a seamless transition for users. “Effectively, little will change for those who rely on it,” the company assures.
What’s Next?
From online shopping to in-store taps, Belgium’s payment habits are evolving at breakneck speed. With mobile apps and contactless options gaining ground, 2024 has cemented the smartphone as the go-to payment tool. As Bancontact Payconiq Company prepares for its rebrand, one thing is clear: the future of payments is digital, fast, and right at our fingertips.