Luxembourg Cards & Payments Sector Sees Intense Competition, States Timetric in Its New Report Published at MarketPublishers.com24 Oct 2016 • by Natalie Aster
LONDON – The adoption of alternative payments amid consumers in Luxembourg City is increasing step by step owing to the availability of a range of options, like Digicash Payments, PayPal and Yapital. The operator of the domestic m-payment scheme, Digicash, entered into a partnership with the country’s main retail banks this expanded its scope in 2015 to offer a new person-to-person (P2P) payment service, allowing clients to transfer funds to accounts at any partner bank. In July 2016, Seqr, a mobile payment app by the Swedish m-payments provider, Seamless, was launched in Luxembourg. The worldwide payments provider PayPal extended its P2P payment service, Xoom, to Luxembourg in April 2016, allowing customers to transfer money to a third party with a banking account in the country. The introduction of novel alternative payment solutions is expected to escalate competition in the national alternative payments marketplace.
Contactless technology is gathering speed in Luxembourg, with payment companies and banks launching novel solutions to capture a market share. Retailing firms also tend to install contactless point-of-sale (POS) terminals to capitilise on this trend. In September 2016, there the country had 7,000 POS terminals with contactless payments functionality. All leading banks, like BGL BNP Paribas, Banque et Caisse Depargne del’ Etat Luxembourg, Banque de Luxembourg and Banque Internationale à Luxembourg are currently providing contactless payment cards.
Timetric’s new research publication “The Cards and Payments Industry in Luxembourg” draws up an all-round picture of cards and payments marketplace on a national level. The report presents current and forecasted valuations to 2020 for each the market segment; offers a deep review on the various payment instruments comprising payment cards, direct debits, credit transfers cash transactions; gives insights into the domestic key alternative means of payment. The research study presents an extensive analysis of the electronic commerce sector and casts light the various payment methods. The study sheds light on the different market driving forces and regulations shaping the domestic cards and payments industry; offers careful examination of the strategies used by banks and other institutions to market both credit and debit cards alike. A detailed analysis of the competitive landscape of the industry is included, too.
More insightful market research reports by this publisher are available at Timetric page.