Norway Cards & Payments: Opportunities and Risks to 2023

Norway Cards & Payments: Opportunities and Risks to 2023

Summary

GlobalData’s 'Norway Cards & Payments: Opportunities and Risks to 2023' report provides detailed analysis of market trends in the Norwegian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).

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 (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s 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.

This report provides top-level market analysis, information and insights into the Norwegian cards and payments industry, including -
- Current and forecast values for each market in the Norwegian cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, 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 the Norwegian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

- To foster electronic payments in the country and offer instant international fund transfers irrespective of currency, a group of Nordic banks plan to collectively introduce the P27 project in 2020. The project stems from the popularity of mobile payment apps like Swish in Sweden, Vipps in Norway, and MobilePay in Denmark. The P27 project will be based on an open access network and will enable consumers to make domestic and international payments instantly across the Nordic region. In June 2019, Mastercard partnered with P27 Nordic Payments Platform to initiate multicurrency cross-border account-to-account transfers.
- Transactions will be able to be made in currencies including Swedish krona, Danish krone, Norwegian krone, and euros. Banks that will support this infrastructure include Danske Bank, DNB, Nordea, SEB, Handelsbanken, and Swedbank.
- American Express terminated its card agreement with DNB in May 2019, after which card holders could no longer use their cards or reward points. All new cards are issued by American Express itself. As part of this move, American Express launched all of its cards (including the Platinum, Gold, Basic, Green, SAS Amex Elite, SAS Amex Premium, and SAS Amex Classic variants) as charge cards rather than credit cards.
- Contactless technology is gradually on the rise in Norway. According to the central bank, 103 million contactless payments were made at physical merchants in 2018. With banks and scheme providers increasingly promoting this technology, the number of contactless cards is expected to reach 16.2 million by 2022. BankAxept rolled out its own contactless cards in June 2017. By the end of February 2018 banks had issued around 2 million contactless BankAxept cards, and 41 million payments had been made using these cards by the end of 2018.

Reasons to buy

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