Dublin, Feb. 03, 2025 (GLOBE NEWSWIRE) -- The "Norway Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.
The 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 card, credit transfer, direct debits, cash and cheques during the review-period (2020-24e).
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 (2024e-28f). 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.
The 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 card, credit transfer, direct debits, cash and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Ecommerce 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Norwegian cards and payments industry.
Key Highlights
- Payment cards are widely used in Norway. To further increase their adoption, the Norwegian Government has mandated all new EV charging stations with a power output of 50KwH or more to offer card payment options, effective from July 1, 2023. Previously, charging stations only accepted payments via their own apps or private-label cards; limiting payment options for consumers. By the end of 2025, all existing fast-charging stations must also accept card payments. To highlight the size of this market, Norway has the highest EV adoption rate in the world. Recharge (which operates the largest charging network across the Nordic countries) has more than 2,500 charging points in Norway alone.
- Cash usage slumped in Norway during the review period, in terms of transaction volume, recording a negative CAGR of 7.8%. With increasing use of digital payments, especially by younger generations, cash usage will continue to decline going forward. However, in September 2022, the Ministry of Justice and Emergency Preparedness has submitted a proposal for changes to the Act to strengthen the right to pay cash; mandating merchants to accept cash at physical stores. This proposal aims to recognize the importance of cash as a vital component of a stable economy and disaster resilience. The proposal has been accepted as the Financial Contracts Act and came into force from October 1, 2024.
- The Norwegian banking and debit card space is witnessing consolidation. In July 2023, Nordea entered into an agreement with Danske Bank to acquire its retail banking services and private banking business and associated asset management portfolios. The acquisition received approval from the Norwegian Competition Authority in December 2023. The final acquisition took place in November 2024. This move is expected to strengthen Nordea's position as a dominant player in the Norwegian banking sector.
Report Scope
- Card market size in terms of number of cards, value and volume of transactions in Norway along with detailed card segmentation of debit, and credit cards available in Norway.
- Market sizing and analysis of major payment instruments including card, credit transfer, direct debits, cash and cheques .
- Payment market trends and growth for both historical and forecast period
- Competitor analysis with detailed insights into leading card issuers and schemes.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- A detailed snapshot of country's key alternative payment brands.
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.
Company Coverage Includes:
- DNB Bank
- SEB
- Bank Norwegian
- EnterCard
- Santander
- SpareBank 1
- Nordea
- Danske Bank
- Sbanken
- Mastercard
- Visa
- American Express
Key Topics Covered:
- Executive Summary
- Market Overview
- Payment Instruments
- Card-Based Payments
- Merchant Acquiring
- Ecommerce Payments
- In-Store Payments
- Buy Now Pay Later
- Mobile Payments
- P2P Payments
- Bill Payments
- Alternative Payments
- Payment Innovation
- Job Analysis
- Payment Infrastructure and Regulation
For more information about this report visit https://www.researchandmarkets.com/r/epc0q3
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