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Finance & Economics

Growing unemployment rate in Belgium to affect payments?

Jun 01, 2020

Belgians are shifting to contactless and online payments amid the pandemic

Belgium

Growing unemployment rate in Belgium to affect payments. Source: unsplash.com

GlobalData found that the coronacrisis has caused large-scale unemployment in Belgium. The report expects it to result in declining consumer disposable income and expenditure.

As of the end of April 2020, about nearly 98,000 workers in Brussels have applied for temporary unemployment.

Retail customers and small businesses are particularly vulnerable due to falls in consumer disposable income. To ease the burden, banks are offering various relief measures. For instance, IG Bank and BNP Paribas Fortis are allowing eligible customers to defer mortgage payments for a period of six months
Ravi Sharma, Payments Analyst at GlobalData

According to a statement, cash payments across the country are set to decline, compared to contactless and online payments.

The study also highlighted that such mobile wallets as Apple Pay and Payconiq are expected to benefit from a growth in contactless payments.

We’ve reported that Contactless payments in Ireland will increase amid COVID-19’s fears

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