Payments Landscape in Norway: Opportunities and Risks to 2022- Norges Bank, DNB Bank, Danske Bank, Nordea Bank Norge, Skandinaviska Enskilda Banken (SEB), Svenska Handelsbanken
Major Key Players:
Norges Bank, DNB Bank, Danske Bank, Nordea Bank Norge, Skandinaviska Enskilda Banken (SEB), Svenska Handelsbanken, BankAxept, Visa, MasterCard, American Express
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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 (2018-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
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 credit transfers, direct debit, cheques, cash, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
-E-commerce market analysis and payment methods.
-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.
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-With the growing preference among Norwegians for digital banking, more digital banks are making their way to Norway. Malta-based mobile-only bank Ferratum Bank launched its operations in the country in 2016. Individuals can open a bank account within the app just by providing their mobile number, email, and Norwegian passport details. The bank offers a contactless Mastercard debit card which can be used for cash withdrawals and in-store payments. Previously, another digital bank called Mono Bank was launched in November 2015. In 2018, it revealed plans to offer credit cards. In addition to a physical card, card holders receive a virtual credit card which is stored within the app.
-DNB launched the country’s first mobile peer-to-peer (P2P) payment solution, Vipps, in May 2015. Payments can be made to the recipient’s mobile number without the need for bank account details. Users need to link together their mobile number, debit card, bank account, and national identity number to use the service. Initially launched as a P2P solution, the app now allows users to make online, in-store, and in-app payments. To ensure a comprehensive single mobile wallet was available to Norwegian consumers, DNB entered into agreements with various service providers to ensure the widespread application of Vipps. In February 2017, 106 Norwegian banks joined Vipps.
-Contactless technology in Norway is in the developmental stage. According to the central bank, 22 million contactless payments were made at physical merchants in 2017, which is less than 2% of the total card payment transaction volume. However, with banks and scheme providers increasingly pushing for this technology, the number of contactless cards is expected to reach 8.2 million by 2022. The country’s major debit card scheme BankAxept rolled out its contactless cards in June 2017. By the end of February 2018, banks had issued around 2 million contactless BankAxept cards. In July 2018 Handelsbanken partnered with BankAxept and payment service provider EVRY to offer contactless payments via wearable devices.
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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.
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