Luxembourg Statistical Report 2024

INTRODUCTION

Luxembourg is a parliamentary democracy headed by a constitutional monarch. Luxembourg joined the European Union in 1958 in the EU’s earlier incarnation as the European Economic Community and joined the euro zone in 1999.

Known for its high GDP, high standard of living, and tax breaks, Luxembourg is also making a name for itself in the FinTech start-up world. In recent years, Luxembourg has witnessed the emergence of multiple start-up initiatives, and FinTech incubators.

Credit cards have long been the most popular payment card product, although the advent of mobile payments through initiatives like Payconiq are now rapidly gaining a large share of consumer spending. Bank, internet, and smartphone penetration are all high in Luxembourg, making it easy for shoppers to browse and pay for goods online.

Digitalisation is rapidly changing Luxembourg’s payments landscape with the advent of instant payments, the entry of FinTech specialists, and the AI-enabled financial services making Luxembourg a hub for some of the leading technology players driving the evolution of payment methods.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Luxembourg. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts. 

In the last decade, Luxembourgish consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device. 

In addition, new consumer demands are a game changer. Luxembourgish consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Luxembourg is driven by minimal cost, secure payments and a high level of user convenience. 

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

• THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
  
• READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
  
• INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
  
• THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

• UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
• CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.

PRODUCT INFORMATION

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

VERSION

Version 1.1 - last updated 09/05/2024