Cashless, Contactless, the future of payments in Belgium.


It’s a common thing to say that Belgium’s economy is very much cashless.

According to the ECB (European Central Bank), in 2017, cash represented only 32% of the value of all transactions at points of sale, even if in terms of the number of transactions, cash is still used in 63% of cases.

One explanation could be that until recently, retailers were reluctant to accept card payment for small amounts (usually under 10 or 15 €) due to relatively high transaction and communication costs determined by payment operators. This situation ended when PSD II entered into force: the share of cashless payments should logically continue to increase and accelerate along with the apparition of new Payment Initiation Service Providers (PISPs).

Even without this, Belgium is already a European and a world champion of cashless transactions.



  • Cashless, Contactless, the future of payments in Belgium.

    • Specific Case: Online purchase.

  • Belgium is Cashless but not (yet) Contactless

    • Special Case: Sweden.

  • NFC Card or Mobile Payment app?

  • Considerable opportunities.

    • The perfect companion for small amounts

    • Weak resistance to change

    • The decline of bank branches

    • Specific case: Cashless Music Festivals

  • Cashless economy: the impact on banks

    • Special Case: Scan-Pay-Go by Colruyt


Geoffrey Laloux, Senior Manager.

Geoffrey has 20 years professional experience and as the Manager of the Digital Transformation Business Line, he leads Initio’s Digital Expertise and commercial offer. He worked mainly for European Institutions and for Telecoms or Medias companies before joining the Banking sector with Initio in 2015 as manager in charge of the Business Line Innovation and Digital Transformation.