The value of Belgian e-commerce sales exceeded $9 billion in 2024, making it an opportune market for expansion. This nation at the heart of the European Union has historically been a melting pot of cultures and the payment market is largely influenced by its position within the EU. However, accepting payments in Belgium requires an understanding of EU regulations regarding security and data privacy as well as payment methods specific to the region and how to best refine the payment process for e-commerce customers.

Below, we'll discuss how businesses that want to operate in Belgium can think about key factors, including:

• Incorporating contactless payments
  
• Simplifying international transactions
  
• Building customer trust
  

The state of the market

While it's geographically compact in size, Belgium occupies an important position in the European financial system. It hosts many international institutions, including the European Commission and North Atlantic Treaty Organisation (NATO), making it a cornerstone of global governance. The presence of these organisations has led to a diverse, multinational population, which shapes the demand for versatile, adaptive payment systems.

With the euro as its official currency, Belgium benefits from payment schemes that simplify cross-border transactions within Europe. Domestically, Belgium increasingly favours digital payment methods alongside traditional credit and debit card payments. A strong preference for regional payment solutions means localisation efforts should also be a top priority for businesses that want to accept payments in Belgium.

At the heart of Belgium's economic policy is the National Bank of Belgium (NBB). As part of the Eurosystem, the NBB collaborates closely with the European Central Bank to set and implement monetary policies. The Financial Services and Markets Authority is another key organisation in Belgium's financial environment that is responsible for supervising the financial sector. These entities contribute to Belgium's reputation for financial stability and vigorous regulation.

Payment methods

While cash remains an integral part of payments in Belgium, technological innovations, shifting customer behaviour and regulations are redefining its role. As the balance tilts toward electronic and digital alternatives, Belgium offers a glimpse into the future of payments in Europe.

Current usage

Cash remains a common payment method, with 45% of Belgians using it for point-of-sale transactions in 2022. But technology-driven alternatives are gaining traction. Credit and debit cards are widely accepted and Belgian methods like Bancontact, Belgium's leading electronic payment system, coexist with global giants like Visa and Mastercard. In 2022, card payments accounted for 48% of transactions in the country.

Contactless payments, both with cards and digital wallets, are becoming increasingly popular. Contactless cards, for instance, made up more than half of in-store card payments in 2022. The e-commerce boom has also led to more digital payments, with Bancontact processing more than 2 billion electronic transactions in 2022.

For B2B transactions, credit card payments and wire transfers remain common. Buy now, pay later (BNPL) options like Mondu have expanded into Belgium, making flexible payment options available to more types of businesses. And Single Euro Payments Area (SEPA) transfers enable inexpensive cross-border transactions between participating European countries.

Popular B2C payment methods in Belgium

• Credit and debit cards (e.g. Bancontact)
  
• Digital wallets (e.g. Payconiq)
  
• Bank transfers
  
• BNPL (e.g. Klarna)
  

Popular B2B payment methods in Belgium

• Credit cards
  
• Bank transfers (e.g. SEPA)
  
• BNPL (e.g. Mondu)
  
• Emerging trends
  

Belgium has witnessed a surge in mobile payment adoption, driven by the convenience and speed of mobile payment solutions, that mirrors broader European trends. The 2024 Digital Payments Barometer found that mobile transactions are the preferred payment method for 34% of Belgians aged 16–24. While international platforms like Apple Pay and Google Pay have a presence, Belgium has also seen the rise of local mobile payment methods like Payconiq, a mobile app from Bancontact.

Ease and friction of entry

Payments in Belgium share many similarities with payments in other European countries. But they require unique considerations regarding tax collection, disputes and compliance with payment security regulations. Here are a few highlights to remember.

Taxes

The standard value-added tax (VAT) rate in Belgium is 21% and is applied to most goods and services. Reduced rates of 6% and 12% exist for specific categories such as food and transportation. While customers experience VAT as another charge on their purchases, businesses are obligated to collect this tax and remit it to tax authorities. Non-compliance or delays in VAT submissions can lead to substantial penalties.

Chargebacks and disputes

Belgium's consumer protection laws emphasise businesses' responsibility to provide clear information about goods or services and their prices. With unauthorised transactions, the onus is on the business to validate the legitimacy of a purchase. This customer-centric stance is more aligned with European standards than with those of the United States, where the process favours businesses more.

Since Belgium is a member of the EU, its policy on chargebacks and disputes is greatly shaped by regulations such as the revised Payment Services Directive (PSD2), which mandates Strong Customer Authentication (SCA). This emphasis on multifactor authentication (MFA) is an important reference point in resolving disputes.

International payments

As a gateway to Europe, Belgium hosts a large volume of international transactions. Regulatory guidelines ensure these transactions comply with EU standards and businesses that operate in Belgium often benefit from smooth processes for cross-border activities. Here are some of the main factors to consider.

• SEPA transfers
  Belgium is part of the SEPA zone, which enables fast, inexpensive transfers between the 41 member countries. SEPA credit transfers are one-time transfers commonly used for both B2C and B2B transactions.

• Currency conversion
  When international payments are processed, conversion rates are determined in real time, with fees that are often a 1%–3% markup over the interbank rate. As part of the EU, Belgium adheres to PSD2 guidelines, which require financial institutions to be fully transparent about conversion rates and fees. Third-party services from payments platforms like Stripe can simplify currency conversion for both B2C and B2B companies.

• Popular payment methods from nearby markets
  Due to the high levels of tourism from surrounding countries, accepting payment methods like France's Cartes Bancaires can help businesses increase sales among international tourists who visit Belgium.

Security and privacy

Belgium's blend of strong regulations, adaptive technologies and proactive stance for monitoring and enforcement allows businesses to make and accept payments with confidence. These are some highlights of Belgium's payment security and data protection regulations.

• Data protection regulations
  Belgium adheres to the EU's General Data Protection Regulation (GDPR), which sets firm standards for data collection and storage. It requires businesses to obtain customers' explicit consent and gives them the right to access or delete their personal information. The Belgian Data Protection Authority oversees GDPR compliance and can impose penalties on organisations that don't comply.

• Payment security regulations
  PSD2 is central to Belgium's payment system. By championing SCA, the directive mandates MFA as part of transactions, bolstering the security of digital payments.

• Anti-Money Laundering (AML) measures
  In accordance with EU standards, Belgium enforces AML and Countering the Financing of Terrorism (CFT) directives, which require rigorous monitoring to detect and report suspicious activities.

• Electronic payment rules
  As of March 2025, customer-facing businesses in Belgium are required to accept at least one form of electronic payment. These types of transactions are generally considered more secure than cash payments and the requirement was implemented in part to help mitigate tax fraud.

• Financial intelligence oversight
  Belgium's Financial Intelligence Processing Unit monitors and investigates unusual financial behaviours, acting as a watchdog and deterring money laundering and other financial crimes.

Key success factors

Every country presents its own payment challenges. From varied payment preferences to cybersecurity, successfully operating in Belgium requires an effective response to different factors. Here's a closer look.

• Modern payment options
  Credit and debit cards are widely used for all kinds of transactions in Belgium and contactless card payments in particular represent a significant portion of transactions. At the same time, mobile payment methods and digital wallets are on the rise, further solidifying contactless payments as an important aspect of any business' payment processes.

• E-commerce optimisation
  With over 60% of the Belgian population buying products and services online in 2024, businesses should consider catering to this expanding online market with refined payment gateways and digital-first strategies. Implementing time-saving measures such as one-click checkout can minimise friction for customers and increase completed transactions.

• Simplified international transactions
  While SEPA simplified cross-border payments across Europe, international transactions outside the EU still present challenges, including currency conversion and exchange rate fluctuations. Partnering with a trusted third-party payment processor to accept international payments can make these operations easier.

• Enhanced security protocols
  As e-commerce grows, so do concerns about cybersecurity and payment fraud. Implementing fraud detection measures such as machine learning algorithms can help businesses catch fraudulent transactions before they happen, preventing financial and reputational damage. Maintaining compliance with EU payment security and data protection regulations such as the GDPR and PSD2 will also help mitigate cybersecurity risks.

Key takeaways

Businesses that want to refine their payment experiences for the Belgian market should focus their strategies around local preferences and the nation's unique sociocultural fabric. A blend of technology, regulatory compliance and cultural sensitivity can create a payment environment that resonates with Belgian customers. Here's a recap, along with a few tips to help shape your payment strategy in Belgium.

Incorporate contactless payments

• Focus on mobile payment options
  Belgian customers are gradually shifting to mobile payments. Improve mobile payment interfaces and embrace digital wallets to meet the changing preferences of the Belgian market.

• Prioritise local payment methods
  Show prices in euros and accept Bancontact contactless cards and Payconiq as payment options. This can go a long way in appealing to Belgian customers and improving conversion rates.

• Take advantage of the e-commerce boom
  Choose a payment gateway that's fine-tuned for online payments and integrate fraud detection tools such as 3D Secure authentication.

Simplify international transactions

• Use SEPA transfers
  Set up payment processes for cross-border transactions within the eurozone with SEPA transfers to keep fees low and reduce transaction times.

• Embrace multilingual interfaces
  Belgium has three official languages (Dutch, French and German). That necessitates payment interfaces that accommodate multiple languages. Localise the checkout experience to reduce payment friction and abandoned baskets.

• Employ strong authentication measures
  Reflecting broader European trends, Belgian customers expect strong security measures during transactions. Implementing two-factor authentication consistent with PSD2 requirements can amplify customer confidence in the payment process.

Build customer trust

• Invest in responsive support
  To improve the overall payment experience, offer Belgian customers immediate, localised support options for queries and concerns.

• Be transparent
  Be up front about pricing, transaction fees and refund policies. Clearly inform customers about payment processes and timelines.

• Communicate regularly and proactively
  Regularly inform customers about new payment options, security updates and potential disruptions. Consider offering newsletters or frequently asked questions (FAQ) pages in Dutch, French and German.