According to the report, The Netherlands Cards and Payments Market has expanded in spite of the economic slowdown in Europe caused by the sovereign debt crisis. The Netherlands Cards and Payments Market has grown both in terms of the value of transactions and the number of cards, during the forecast period. According to the central bank of the Netherlands, the DBN, the potential of growth after the recession is abundant in the electronic payments segments, from both the businesses and consumers.
The number of cards circulating has increased by leaps and bounds primarily on the bounce of the prepaid and charge cards segments.
The potential for growth in the Dutch Cards and Payments Market
The cards and payments market in the Dutch region has shown stable growth both in the terms of volume and value during the forecast period. The charge cards category has the least market share in the market but has registered robust growth in terms of CAGR, which is the highest recorded by any other segment. The charge card category is closely followed by the debit and prepaid card categories.
Cards and Payment Market in the region being driven by the rapid growth in the travel, e-commerce and m-commerce segments.
The number of users of the internet in the Netherlands accounts for one of the highest numbers in all of Eurozone. The rapid growth of the m-commerce segment in the Netherlands has been commendable, as more than 50 percent of the population of the country owns a smartphone. ABN Amro, Rabobank and ING Bank are a few of the banks which have partnered with online retailers and merchants for the provision of secured facilities of payments, and also to enable consumers to pay for goods and services through their mobile phones and as well as online.
Growth decline to be captured by utilizing fresh funds and improving economic foundations
Projected increases in the economic indicators of GDP, per capita income, and inflation are anticipated to augment the growth of the volume of cards in circulation during the forecast period. The attempts of the government to bring about new funding into the sector of banking for the stimulation of growth are also projected to aid in the improvement of the availability of credit cards. The demand for prepaid cards is also expected to increase as the cautious spending by consumers is expected to continue during the forecast period.
Card transactions being driven by the application of secure payment technology
Many banks in the country have taken steps for the enhancement of the features of security relating to offline and online transactions in order to offer enhanced security to cards users and for enabling them to conduct more number of transactions both offline and online. Initially, there was resistance towards the adoption of the Europay, MasterCard, Visa (EMV) Cards, which has now been overcome, and many banks are offering PIN and chip-enabled cards. The “Verified by Visa” and the MasterCard “SecureCode” have also been implemented by banks for the conduction of secure online payments. The growth of the cards and payments market in the country is expected to be further boosted owing to the increased adoption of enhanced features of security.
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