Various studies on the payment behavior of Belgians reveal that the gap between the popularity of digital payments and cash is growing. This is an important breakthrough that you should take into account if you are a merchant. Responding to customers’ needs is the way to a promising financial future. Let’s take a closer look at the payment practices that Belgians prefer.
According to the results of the Febelfin Digital Payments Barometer, 87% of the participants claim to have a real preference for digital payments over cash. The use of a bank card with a payment terminal is strongly favored by consumers because of its accessibility, convenience and speed, to the detriment of cash payments, of which the access is becoming increasingly limited.
This trend is growing with a significant drop of 39% in cash payments over the past 12 months. 42% of respondents who pay in cash have a maximum of 20 euros in their pocket. Merchants who want to maximize their sales opportunities are therefore well advised to offer at least one electronic payment method. In addition to the legal obligation to do so since July 1, you otherwise run the risk of customers leaving your business without making a purchase.
The results of the Barometer of Febelfin also contradict the common misconception that cash is the preferred payment method of older generations. Contrary to expectations, the percentage of people over 65 who prefer to use their cards is higher than for other age groups. Only 9% of those between 65 and 74 years of age opt for cash payments. The main reason for the popularity of digital payments is the high level of security, especially in terms of hygiene, that payments by card, smartphone or other smart devices provide.
The study also looked at the most popular form of card payment. 36% of Belgians prefer the contactless card and 37% prefer the traditional card that is inserted into the payment terminal.
In short, cash may be the oldest payment method in the world, digital payments are more popular than ever. With this in mind, and given the many advantages of card payments over cash for both you as a merchant and your customer, it’s best to take advantage of this irreversible trend.
Would you like to know which payment terminal is best suited for your business to accept card payments and thus not miss any sales opportunities? Then do not hesitate to contact us.