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Belgium POS Terminals Market Size (2024 - 2029)

The Belgium POS terminals market is experiencing significant growth, driven by the evolution of POS systems from transaction-focused devices to integrated business solutions that enhance customer relationship management and financial operations. This transformation allows businesses to utilize transactional data for strategic insights. The increasing population and consumption of goods and services in Belgium are boosting the demand for advanced payment solutions, contributing to the expansion of the market. However, concerns over fraud and security may pose challenges to this growth. The rising popularity of online payment methods, fueled by advancements in e-commerce and mobile technologies, is further propelling the market. Additionally, the COVID-19 pandemic has accelerated the demand for contactless payment solutions, increasing the need for technologically advanced POS terminals.

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Market Size of Belgium POS Terminals Industry

Belgium POS Terminals Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 13.87 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Belgium POS Terminals Market Analysis

The Belgium POS terminal market is expected to grow with a CAGR of 13.87% during the forecast period of 2022-2027. In the current market scenario, POS terminal systems have evolved from transaction-oriented devices to systems that support and integrate into businesses' CRM and other financial solutions. This instance allowed companies to leverage captured transactional data through POS terminals for business intelligence.

  • As per the European Central Bank, in 2021, the total number of POS terminals, including all payment services in Belgium, was 300,220, whereas the total count was 273,972 in 2020, indicating a rise in the total number of POS terminals in Belgium.
  • As per Statbel, in 2022, the population of Belgium was approximately 11.58 million and had increased by about 63,000 compared to 2021. With the rise in the population, the overall consumption of goods and services will also increase. This rise in the consumption of goods and services will create the demand for better payment alternatives and fuel the overall growth of the POS Terminals Market in Belgium.
  • The rise in fraud, scams, and various security-related concerns due to the usage of critical information during payment methods might be a factor that can restrain the market's growth in the region.
  • The surge in the demand for online payment methods propels the payment terminal market's growth. In Belgium, various merchant offerings on online payment, such as point-of-sale and rebates, encourage users to make digital payments, driving the demand for payment terminals. The digital payment market is growing primarily due to rapid advancements in e-commerce, mobile payment technologies, and the rising use of mobile wallets.
  • The COVID-19 pandemic had created a huge demand for contactless payments, increasing the need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.

Belgium POS Terminals Industry Segmentation

A device that connects with payment cards to transfer electronic cash is known as a payment terminal, point of sale (POS) terminal, credit card terminal, or EFTPOS (Electronic Funds Transfer at Point of Sale) terminal (formerly known as Process Data Quickly or PDQ terminal). The terminal comprises a screen, a secure keypad (referred to as a PINpad) for inputting PINs (Personal identification numbers), a device for reading data from payment cards, and a network connection for connecting to the payment network for authorization. The Belgium POS Terminals Market is Segmented by Type (Fixed Point-of-Sale Systems, Mobile/Portable Point-of-Sale Systems), End-User Industry (Retail, Hospitality, Healthcare, and Others), and Geography.

By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-User Industry
Retail
Hospitality
Healthcare
Others
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Belgium POS Terminals Market Size Summary

The Belgium POS terminals market is experiencing significant growth, driven by the evolution of these systems from mere transaction devices to integral components of business intelligence through CRM and financial solutions integration. This transformation is fueled by the increasing demand for digital payment methods, spurred by advancements in e-commerce and mobile payment technologies. The COVID-19 pandemic further accelerated this trend, as contactless payment options became essential, leading to a surge in the adoption of POS terminals equipped with NFC and RFID technologies. The growing preference for contactless and cashless payments, alongside the rise in digitalization and regulatory interventions for secure payments, is propelling the market forward. However, concerns over fraud and security may pose challenges to this growth trajectory.

Belgium's retail sector, a key driver of the POS terminals market, has shown positive sales development, with a notable rise in retail trade volumes. The fashion, home goods, and furniture industries are among the largest contributors to this growth, reflecting a broader trend towards online retail and new retail formats. The market is moderately competitive, with major players like Sumup Inc., Elavon, Worldline, and Payworld engaging in strategic collaborations and acquisitions to enhance their market presence. Initiatives such as partnerships for expense management and ventures into the Metaverse highlight the industry's dynamic nature. These developments, coupled with the increasing number of POS terminals and the growing internet user base, are expected to sustain the market's expansion in the coming years.

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Belgium POS Terminals Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Assessment of COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Fixed Point-of-sale Systems

      2. 2.1.2 Mobile/Portable Point-of-sale Systems

    2. 2.2 By End-User Industry

      1. 2.2.1 Retail

      2. 2.2.2 Hospitality

      3. 2.2.3 Healthcare

      4. 2.2.4 Others

Belgium POS Terminals Market Size FAQs

The Belgium POS Terminals Market is projected to register a CAGR of 13.87% during the forecast period (2024-2029)

CCV, Sumup Inc., Elavon, Worldline and Payworld are the major companies operating in the Belgium POS Terminals Market.

Belgium POS Terminals Report Snapshots

Belgium POS Terminals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)