A comprehensive overview of the cards, payments and consumer banking market in Norway.
Demographics and the economy
Norwegian cards market
Key retail banks and issuers
Acquiring and processing
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.
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.
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.
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.
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.
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.
AB Toscana Investment
Account information service providers
Bain Capital Funds
Betalinger med Raskere Oppgjør
DNB Asset Management
EDB Business Partner
Elavon Merchant Services
Interchange Fee Regulation
Nordea Bank Norge
Norwegian Air Shuttle
Norwegian Competition Authority
OP Financial Group
Payment initiation service providers
Payment Services Directive
Revised Payment Services Directive
Santander Consumer Bank
Single Euro Payments Area
Skandinaviska Enskilda Banken
Sogne & Greipstad Sparebank
Third-party payment service providers
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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