Skip to content

Payments remain more digital after the pandemic

Published on:

Payments in the Netherlands became even more digital in 2021, largely as a result of COVID-19 measures and restrictions. Digital payments and banking are easier and faster for many people, including some people with mental or physical impairments. Others find them more difficult and need support. Keeping everyday payments available, within reach and accessible to everyone was therefore a key priority in 2021, the Dutch Payments Association writes in its 2021 annual report.

Cover of the 2021 Annual Report of the Dutch Payments Association with abstract shapes and calm color areas in a modern, business style.

At the point of sale, we increasingly pay contactlessly and more often by smartphone. Eight out of ten payments at the point of sale are now electronic, using a debit card or smartphone. Almost nine out of ten debit card payments are contactless, without inserting the card into the terminal. One in four debit card payments is now even made without a physical card, predominantly by smartphone.

Since the start of the COVID-19 pandemic, the share of cash payments at the point of sale has fallen to one in five. It is not expected to return to its pre-pandemic level, even though almost all COVID-19 restrictions have now been lifted.

We order and pay online much more often: online spending through webshops increased from 27% of total retail spending in 2020 to 31% in 2021. Credit transfers are made almost entirely through online or mobile banking, and mobile payment requests are increasingly used to pay friends and acquaintances. Consumers make an average of almost 3 million credit transfers per day, more than half through mobile banking.

Available and accessible payments

In light of these developments, the Dutch Payments Association and its members devoted considerable attention in 2021 to the availability and accessibility of payment services. Gijs Boudewijn, acting managing director of the Dutch Payments Association, said: “Over the past reporting year, our members expanded the information and support available for digital payment services.”

Several initiatives were launched in 2021 to keep cash available, within reach and affordable. These recently led the Dutch Payments Association and the major banks to sign De Nederlandsche Bank’s Cash Covenant. The covenant was concluded between 23 stakeholder organisations, including consumer and retail organisations.

Gijs Boudewijn: “Further improving the availability, reachability and accessibility of increasingly digital payments with our members and stakeholders remains a priority for the Dutch Payments Association. That is why our annual conference for members and stakeholders in May is entitled ‘All digital?’; digitalisation presents both opportunities and challenges in ensuring that no one is left behind.”

Related articles