Bancontact, the leading domestic payment method for online shopping in Belgium, uses debit cards from the country’s banks including BNP Paribas Fortis, Belfius and KBC, which has led to owning 82% of market share as of 2017 and 95% coverage across Belgium.
Until the beginning of 2017, credit cards were the most popular payment method for e-commerce purchases for Belgian consumers. By 2018, however, 68 percent of Belgian online shoppers surveyed said they used Bancontact to pay for purchases – either paying online with their debit card using Bancontact or through the Bancontact app.
As the most widely accepted electronic payment method in the country, merchants will gain access to 9 million Bancontact cardholders. Businesses accepting Bancontact can also expect high conversion rates along with real-time transaction confirmation, efficient payment flows, and secure transactions. Since it’s a debit card transaction, merchants also don’t need to worry about chargebacks.
Unlike other local payment methods, Bancontact offers the end customers a physical debit card (which includes contactless) in addition to payment capabilities through Apple Pay and Google Pay making Bancontact the most convenient omnichannel payment method for Belgian customers.
To learn more about accepting payments using Bancontact, visit our documentation or contact our sales team for more information. For current Checkout.com customers, contact your Customer Success manager to add Bancontact to your check out.