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The Cards and Payments Industry in Norway: Emerging Trends and Opportunities to 2021

  • November 2016
  • 58 pages
  • GlobalData
Report ID: 3605099

Summary

Table of Contents

Synopsis
Timetric’s 'The Cards and Payments Industry in Norway: Emerging Trends and Opportunities to 2021' 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 credit transfers, direct debits, check payments, cash transactions and payment cards during the review period (2012–2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2017–2021). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together Timetric’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

Summary
Timetric’s 'The Cards and Payments Industry in Norway: Emerging Trends and Opportunities to 2021' 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 debits, check payments, cash transactions 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.

- Comprehensive analysis of consumer attitudes and buying preferences for cards.

- The competitive landscape in the Norwegian cards and payments industry.

Scope
- This report provides a comprehensive analysis of the Norwegian cards and payments industry.

- It provides current values for the Norwegian cards and payments industry for 2016, and forecast figures to 2021.

- It details the different demographic, economic, infrastructural and business drivers affecting the Norwegian cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by various banks and other institutions.

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.

Key Highlights
- To minimize cash handling costs, banks in Norway are slowly adapting branches into cashless locations. In 2014, 64 branches of DNB Bank were made cashless. Similarly, Nordea bank stopped handling cash-based transactions at its branches from October 2015; though it ensures that cash is still available in ATMs. This initiative is anticipated to accelerate the shift towards electronic payments.

- The uptake of alternative payments among Norwegian consumers is gaining traction with the emergence of a number of payment options. Seqr was launched in January 2013, and was followed by MeaWallet in October 2014. In October 2015, SpareBank 1 acquired mCash. At the time of its acquisition, mCash had 100,000 users and 600 stores accepting the mCash service. To increase the uptake of its mobile payments, Danske Bank launched MobilePay in September 2015. The bank partnered with 100 retail outlets in Norway in October 2015. In early 2016, it partnered with Rema 1000 – a supermarket chain – allowing users to use service stores in Norway.

- DNB Bank launched the country’s first mobile person to person (P2P) solution – Vipps – in May 2016. Payments can be made by the user 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. Within six months of its introduction, more than one million users downloaded the app on their mobile phones. As of March 2016, one in four Norwegians used this solution. The solution can be used by any bank account holder in the country.

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