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Payments in Norway 2017: What Consumers Want

Payments in Norway 2017: What Consumers Want


Norway’s strong card and payment industry is the result of a robust economy, an efficient domestic debit card scheme (BankAxept), and an increasing consumer appetite for credit. The average number of monthly card transactions and the average annual spend per card is higher in Norway than in more developed markets such as the US, the UK, France, Germany, and Australia. Electronic payments have gained ground during the last 10 years, as the government has invested substantially in building long-term infrastructure for cashless transactions.

BankAxept operates on a no interchange fee model and has a strong acceptance network. However, BankAxept cards cannot be used for online shopping or international transactions. This has led to growth in the use of international schemes such as Visa and Mastercard. Payment cards are thus co-badged with international scheme providers.

E-commerce posted a review-period (2013-17e) CAGR of 14.9%. Norwegian consumers are happy to buy little and often online. Key drivers include a wider selection of goods available than in-store, easy to use online websites, and no duty charged on foreign purchases under NOK350. Conventional payment instruments, including payment cards and credit transfers, remain the preferred payment method among Norwegian consumers.

A growing preference for cashless transactions coupled with high smartphone penetration has led to a rise in the demand for mobile payments. Alipay launched its operations in Norway in September 2017. The country’s first mobile peer-to-peer (P2P) payment solution, Vipps, was launched by DNB in May 2015. More than 100 banks now support this solution, which is used by over 2 million users.

The report Payments in Norway 2017: What Consumers Want, examines the consumer payments market in Norway, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.

This report provides the following in-depth analysis -

  • Analyzes consumer attitudes to financial services by life stage.
  • Analyzes the major payment card types in terms of both card holding and usage.
  • Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
  • Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Norway are deploying these tools to meet customer needs.
  • Explores the online payment market in Norway by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
Companies mentioned in this report: Nordea Bank, Danske Bank, Handelsbanken, SpareBank 1 SMN, DNB, SEB, EnterCard, Santander, BankAxept, Gavekort, EasiPay, Eika Gruppen, Visa, Mastercard, American Express, Diners Club

  • All domestic debit card-based POS transactions and ATM withdrawals are carried out by BankAxept, whereas all international transactions and online purchases are carried out by international schemes.
  • Contactless technology in Norway is in its developmental stage, with only a few banks offering contactless cards.
  • Norwegian consumers are frequent online shoppers, and according to the E-commerce in the Nordics report published by PostNord in 2016 around 85% of consumers purchase goods online at least once a year.
Reasons to buy
  • Understand the key facts and figures in the consumer payments market in Norway.
  • Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
  • Find out what products the major competitors are launching in the market.
  • Discover consumer sentiments towards various payment tools in the Norwegian market and use this knowledge to inform product design.

  • Market Overview
    • Megatrends: Lifestage Analysis
    • Payment Cards: Market Sizing and Forecasting
    • Payment Cards: Market by Merchant Type
    • Debit Cards: Market Sizing and Forecasting
    • Debit Cards: Schemes
    • Debit Cards: Issuers
    • Pay-later Cards: Market Sizing and Forecasting
    • Pay-later Cards: Schemes
    • Pay-later Cards: Issuers
    • Payment Cards: Credit Card Debt
    • Prepaid Cards: Market Sizing and Forecasting
    • Contactless Cards: Card Holding
    • Contactless Cards: Card Holder Attitudes
    • E-commerce: Market Sizing & Forecasting
    • E-commerce: Market by Merchant Category
    • E-commerce: Market by Payment Tool
    • Alternative Payments: P2P Payments
    • Alternative Payments: Mobile Proximity Payments
    • Alternative Payments: Key Developments
    • POS Terminals & ATMs
    • Regulatory Environment

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