Research and Markets: Norway's Cards and Payments Industry: The Number of EMV Cards in Circulation Increased From 6.5 Million in 2009 to 12.5 Million in 2013
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/qjm8lx/norways_cards) has announced the addition of the "Norway's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" report to their offering.
“Norway's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape”
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 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.
- 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.
- Norway is expected to record strong growth in payments through mobile phones. This growth will be primarily driven by enhanced mobile communications, high penetration of smartphones, and compatible credit card providers' services. In 2003, Visa Norge and Telenor Mobil signed an agreement to encourage m-commerce in the country. The MobilHandel m-payment solution is available to customers with Visa cards and Telenor Mobil subscriptions. In 2013, Seamless Company introduced SEQR, a mobile payment service, in Norway. It enables merchants to facilitate customers to pay through smartphones and receive bills through collector acco account. Over the forecast period, the value of m-payments is expected to increase from NOK4.7 billion (US$0.8 billion) in 2014 to NOK12.3 billion (US$1.9 billion) in 2018.
-EnterCard Norge AS
-Santander Consumer Bank AS
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