Norway’s Cards and Payments Market 2014 Key Trends, Growth and Forecast to 2018


The report provides top-level market analysis, information and insights into Norway’s cards and payments industry, including:
Current and forecast values for each category of Norway’s cards and payments industry, including debit cards, credit cards and prepaid cards
Comprehensive analysis of the industry’s market attractiveness and future growth areas
Analysis of various market drivers and regulations governing Norway’s cards and payments industry
Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
Comprehensive analysis of consumer attitudes and buying preferences for cards
The competitive landscape of Norway’s cards and payments industry

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Executive summary

The Norwegian card payments channel registered significant growth during the review period (2009–2013). In terms of number of cards in circulation, the card payments channel grew at a CAGR of 2.86% to reach 18.6 million cards by the end of 2013. In value terms, the channel valued NOK647.9 billion (US$108.9 billion) in 2013. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable per capita incomes supported the growth of the number of cards in circulation.

The younger generation is a considerable and growing target group in terms of card spending. To tap into this younger population, SpareBank 1 SR-Bank in Norway offers a Visa card for children under 13 years old. Amounts in the accounts linked to these card can be controlled by parents, there is no issuance fee and it is free to use in stores and at SpareBank 1s ATMs. The bank also offers a Visa Electron credit card for people aged 13–18 years, with no annual fees and free use for retail payments in Norway and abroad. SpareBanken Vest also offers the Vestavinn 13–17 client program for teenagers to manage spending and savings. The program includes a Visa Electron 10–17 card with benefits such as no annual fees, fee-free purchases around the world and 24-hour withdrawal facilities at Union Bank Vest ATMs, and reduced-cost withdrawals in foreign countries.


This report provides a comprehensive analysis of Norway’s cards and payments industry.
It provides current values for Norway’s cards and payments industry for 2013, and forecast figures for 2018.
It details the different economic, infrastructural and business drivers affecting Norway’s cards and payments industry.
It outlines the current regulatory framework in the industry.
It details the marketing strategies used by various banks and other institutions.
It profiles the major banks in Norway’s cards and payments industry.

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Key highlights

• The highest share in 2013 was occupied by the debit card category which accounted for 37.7% of the cards in circulation. The number of debit cards in circulation grew from 6.1 million in 2009 to 7.0 million in 2013, and is expected to record a CAGR of 0.46% over the forecast period to reach 7.2 million by 2018. The main driver of the debit card category is the availability of the BankAxept payment system, with well-developed facilities and nationwide acceptance. Customers are increasingly using cards to replace smaller cash payments.

• Despite the increase in use of card payments, card fraud in Norway has declined since 2009, with technically enhanced payment systems and more secure transactions. During the review period, the total number of cards increased from 16.6 million in 2009 to 20.5 million in 2013, at a CAGR of 2.86%. However, total card fraud transaction values recorded a CAGR of -9.68%, falling from NOK214.7 million (US$34.1 million) in 2009 to NOK142.9 million (US$24.0 million) in 2013. The adoption of EMV cards remains the major driving factor in reducing the instances of card fraud, as it has replaced traditional magnetic strip cards with chip-based security. The number of EMV cards in circulation increased from 6.5 million in 2009 to 12.5 million in 2013.

• Banks are also making significant efforts to make the payment system secure and reduce card fraud. In March 2013, EnterCard, in collaboration with Encap, integrated a two-factor user-authentication process into its re:member card. Card services can be access using this application with no need for any other security such as one-time or SMS passwords. The bank also implemented a new fraud management solution in 2013 developed by predictive analytics company Fico. The solution is capable of integrating with mobile communications, enabling EnterCard to carry out safe communication by mobile phones.

Reasons to buy

Make strategic business decisions using top-level historic and forecast market data related to Norway’s cards and payments industry and each market within it.

Understand the key market trends and growth opportunities within Norway’s cards and payments industry.

Assess the competitive dynamics in Norway’s cards and payments industry.

Gain insights in to the marketing strategies used for selling various card types in Norway.

Gain insights into key regulations governing Norway’s cards and payments industry.

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