A comprehensive overview of the cards, payments and consumer banking market in Norway.
Key Topics
Demographics and the economy
Payments environment
Norwegian cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information
Appendices: Cards Market Data
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: Card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: Acquiring and processing
Appendix IX: Online acquiring
Demographics and Economy:
Norway is one of the wealthiest countries in the world. The country is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue.
Payments Environment:
The payment environment in Norway is typified by increasingly popular card payments buoyed by a well- supported and developed infrastructure. In common with the other Nordic countries, cash use is declining, and mobile payments are growing in popularity.
Cards market:
The number of payment cards in circulation was 14.6 million at the end of 2018. There were eight million cards with credit or charge card functionality and seven million with debit functionality.
Mobile Payments:
Norway has seen robust growth in payments through mobile phones. This has been led by Vipps, which has attracted a large user base thanks to its easy to use P2P service.
Profit Pool:
Norway's credit cards industry is profitable thanks to relatively high rollover rates and APRs and low default rates. Profit per card stood at an estimated $51 in 2018.
The Card Networks:
Mastercard is the dominant credit card network in Norway, with a share of almost two-thirds of cards in issue. Debit cards are the most popular form of payment cards in this market, representing almost 80% of total card spend in 2018. Most Norwegians pay for purchases with debit cards.
Key Retail Banks and Issuers:
The top four players in terms of credit card outstandings are DNB Bank, Bank Norwegian, SpareBank1 and SEB Kort. This quartet together represented a market share of 62% at the end of 2018.
Acquiring and Processing:
Nets is the key player in the country's acquiring ecosystem. It is the leading acquirer of international cards, processes all BankAxept transactions and is a leading terminal provider, competing with Verifone.
Online Acquiring:
Payment cards (debit and credit) are the most popular means of online payments in Norway. As BankAxept cannot be used online, the majority of online transactions take place through Visa- and Mastercard-branded credit and debit cards.
Regulatory and Markets Information:
Norway's bankruptcy laws do not allow citizens to shed their mortgage commitments by declaring bankruptcy: this approach limits how much debt Norwegians can accumulate.
Aakra Sparebank
AB Toscana Investment
Account information service providers
Advent Funds
Advent International
AISPs
American Express
Apple
ATP
Bain Capital
Bain Capital Funds
Bambora
Bank Norwegian
BankAxept
Bankenes BetalingsSentral
BankID
Barclays
BBS
Betalinger med Raskere Oppgjør
BRO
Circle K
Clearhaus
Concardis
Coop
Cresco
Danske
Denmark
DIBS
Diners Club
DK Online
DNB
DNB Asset Management
DNB Bank
DNB Eiendom
DNB Markets
EDB
EDB Business Partner
EEA
eFaktura
Eika Gruppen
Elavon Merchant Services
ePay
ErgoGroup
Esso
Etne Sparebank
Eurocard
Euroline
Evry
EVRY
Finans Norge
Finanstilsynet
Finland
Finnair
Flekkefjord Sparebank
Flexus card
Gjeldsregisteret
Gjensidige Bank
Gjensidige Forsikring
Google
Google Pay
Handelsbanken
Haugesund Sparebank
Ikano Bank
Ikano Finans
IKEA
Ingvar Kamprad
Interchange Fee Regulation
JCB
Keycorp
Klarna
Klarna Checkout
Komplett Bank
Lillesand's Sparebank
LOfavør
Luster Sparebank
Maestro
Mastercard
mCash
MobilePay
MPS
Nets
Nets/BBS
Nordea
Nordea Bank
Nordea Bank Norge
Nordic Capital
Nordito
Norges Bank
Norges Bank
Norsk Gjeldsinformasjon
Norsk Tipping
Norway
Norwegian Air Shuttle
Norwegian Competition Authority
OP Financial Group
P27
PayEx
Payment initiation service providers
Payment Services Directive
PayPal
PBS
Pengeinstitutternes BetalingsSystemer
PISPs
Priceless
Priority Rule
Privatbanken
PSD
PSD2
Revised Payment Services Directive
Ruter
SAGA
Samport
Santander Consumer Bank
Sbanken
SEB
SEB Kort
SEPA
Single Euro Payments Area
Skandiabanken
Skandinaviska Enskilda Banken
Skudenes
Sogne & Greipstad Sparebank
SpareBank 1
Sparebank Alliance
Sparebanken
Sparebanken DIN
Spillerkort
Swedbank
Sweden
Third-party payment service providers
TPPs
TSYS
US Bancorp
Vipps
Visa
Volvo
Voss Sparebank
Zwipe
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.
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