Norway Cards and Payments: Opportunities and Risks to 2027

Norway Cards and Payments: Opportunities and Risks to 2027

Summary

GlobalData’s ‘Norway Cards and Payments: Opportunities and Risks to 2027' 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 cards, credit transfer, direct debits, cash, and cheques during the review-period (2019-23e).

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 (2023e-27). 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.

GlobalData’s ‘Norway Cards and Payments: Opportunities and Risks to 2027' 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 cards, 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.

Scope

Norges Bank has been steadily increasing interest rates to curb inflation, revising its policy rate to 4.5% in February 2024, up from 2.75% in January 2023. As a result, banks and card issuers are increasing interest rates on consumer lending products. Such moves will directly impact the credit card market, leading to reduced spending via these cards.

In May 2023, biometric payment services provider IDEX Biometrics partnered with payment services provider STMicroelectronics to launch payment cards integrated with STPay-Topaz-Bio biometric payment technology. The cards are integrated with an IDEX Biometric system on-chip fingerprint sensor, with card holders’ fingerprint data stored within the card. To make a payment, card holders place their finger on the card sensor, then tap the card on the contactless reader. Biometric authentication replaces the need to enter a PIN, enabling card holders to make payments of any amount (unlike traditional contactless payment cards).

Growth in POS terminal adoption is supported by the availability of low-cost mobile POS solutions. The growing payment card market has attracted new entrants to the Norwegian mobile POS space. SumUp offers its mobile card readers in Norway. These readers enable merchants to accept all types of payments, including contactless, chip and PIN, Google Pay, and Apple Pay. Similarly, in June 2022, Danish fintech Vibrant launched mobile-based POS solutions for SMEs in five European countries, including Norway. The service enables merchants to use Android smartphones and tablets to receive contactless payments from customers.

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.