Daily average value of domestic payments TARGET2-LU Luxembourg 2008-2019

The value of processed domestic payments through RTGS-system TARGET2-LU in Luxembourg grew by over 50 percent in 2019. TARGET2 is a system that is used by European central banks and commercial banks to process payment orders in real time (also known as real-time gross settlement or RTGS). In essence, the system allows for the free flow of large-value money transactions between banks from different countries and a harmonized monetary policy in Europe. Retail payments, such as payments with credit cards, are processed by another system though: the Single Euro Payments Area or SEPA.

TARGET2-LU is the Luxembourg component of the TARGET2-system. In 2018, the system processed approximately four billion euros worth in transactions. Like in other European countries, credit and debit cards are a popular form of digital payment methods for either physical purchases in brick-and-mortar-stores or for online purchases. In 2017, there were approximately 19 POS transactions per card in Luxembourg, compared to 123 in the Netherlands and 75 in Belgium.

Daily average value of processed domestic payments through RTGS-system TARGET2-LU in Luxembourg from 2008 to 2019

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Source

Release date

January 2020

Region

Luxembourg

Survey time period

2008 to 2019

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Statistics on "Payment methods in the Benelux"

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