Norway Cards and Payments - Opportunities and Risks to 2024

Norway Cards and Payments - Opportunities and Risks to 2024

  • November 2020 •
  • 85 pages •
  • Report ID: 5844145 •
  • Format: PDF
Norway Cards and Payments - Opportunities and Risks to 2024

Summary
’Norway Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in Norway’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, cash, direct debits, and cheques during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

’Norway Cards and Payments - Opportunities and Risks to 2024’ report provides top-level market analysis, information and insights into Norway’s cards and payments industry, including -
- Current and forecast values for each market in Norway’s cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cards, credit transfers, cash, direct debits, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Norway’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope
- Contactless technology is gaining prominence in Norway, with banks and scheme providers increasingly promoting this technology. The number of contactless cards in the country is estimated at 11.5 million in 2020, up significantly from 774,000 cards in 2017. The figure is anticipated to reach 14.5 million by 2024, representative of a forecast-period CAGR of 6.0%. Since June 2017, BankAxept has offered cards with contactless payment functionality. During 2019, 218.6 million contactless payments were made with BankAxept cards - representing year-on-year growth of 437%.
- To overcome the limitations of the existing instant payment solution Straks-betalinger, Norges Bank, banking and finance infrastructure company Bits, and Norwegian banks rolled out an updated version called Straks 2.0. From April 2020, Norwegian banks started using the new infrastructure for real-time payments. Earlier in 2017, leading Nordic banks collaborated to develop the P27 Nordic Payments Platform. Banks involved included Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, and Swedbank. The platform aims to provide an integrated cross-border payment system for people in the region. However, in March 2019, DNB decided not to participate in the P27 project. The Solution is likely to be launched in 2021 across Nordic countries except Norway.
- COVID-19 has accelerated demand for secure, digital commerce solutions worldwide - with more consumers and businesses than ever before embracing digital payments as the preferred way to manage their everyday spending. In September 2020, Visa and Vipps (a major digital wallet in Norway) announced a strategic partnership to accelerate mobile payments in Europe. Visa’s clients and partners can now use the Vipps platform to create their own digital wallets and offer customers new ways to pay, be paid, and manage their money. Launched in 2015, Vipps has 3.7 million users in Norway.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Norway’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Norway’s cards and payments industry.
- Assess the competitive dynamics in Norway’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Norway.
- Gain insights into key regulations governing Norway’s cards and payments industry.
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