Netherlands Cards And Payments Market Historical Trends, Analysis And Forecasts (2017 -2022)
Added: (Wed Nov 28 2018)
Pressbox (Press Release) -
Netherlands card payments channel recorded significant growth both in terms of volume of cards and transaction value, during the review period. In terms of the number cards in circulation, the channel posted a review-period CAGR of 5%. The growth was primarily driven by charge cards and prepaid cards. The channel is expected to post a CAGR of 2% over the forecast period (2014–2018), as the Dutch economy gradually recovers.
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The Dutch card payments channel grew moderately both in terms of value and volume during the review period. The number of active internet users in the Netherlands is one of the highest in the eurozone. The growth of m-commerce in the Netherlands is also very strong, with more than half the country’s population owning a smartphone. Banks such as ING Bank, Rabobank and ABN Amro have partnered with various merchants and online retailers to provide secure payment facilities, enabling customers pay online or via mobile phones linked to bank accounts. Similarly, e-commerce recorded a review-period CAGR of 10% and is anticipated to post a forecast-period CAGR of 8%.
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Anticipated improvements in economic indicators such as GDP, per capita income and inflation are expected to support card volume growth over the forecast period. Government attempts to inject fresh funds into the banking sector to stimulate growth are also expected to improve credit availability. Cautious consumer spending is, however, expected to continue over the forecast period, increasing the demand for prepaid cards. In terms of the number of cards in circulation, the prepaid cards category is anticipated to post the strongest forecast-period CAGR of 4%.
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To offer more security to card users and enable them to conduct a greater number of on and offline transactions, several banks have taken steps to offer enhanced security features. To conduct secure online payments, banks have implemented ‘MasterCard SecureCode’ and ‘Verified by Visa’ programs. With the adoption of advanced security features, the growth of card-based payments is projected to rise over the forecast period.
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