Emerging Opportunities in Norway's Cards and Payments Industry - New Market Study

From: Fast Market Research, Inc.
Published: Mon May 20 2013


Norway's cards and payments industry exhibited nominal growth during the review period (2008-2012), increasing at a CAGR of 3.97%, from 15.34 million cards in 2008 to 17.9 million cards in 2012. Over the forecast period, the industry is forecast to register further growth with a CAGR of 1.33%, rising from 18.3 million cards in 2013 to 19.3 million cards in 2017. A high internet penetration in Norway is changing consumers' preferences for online shopping. According to an e-commerce survey in the country by DIBS Payment Services, a supplier of functional, secure payment services for e-commerce in the Nordic region in 2012, home-electronics recorded a 51% share of online purchases, while books and clothing/footwear emerged as prospective runner-ups, each with a 30% share of online purchases in 2011. Norwegians spent a total of EUR3 billion (US$4.2 billion) on a variety of products online in 2011. In January 2013, the country's retail sales, excluding motor vehicles and petrol stations, recorded a monthly growth of 1.2% and an annual growth of 2.7%. Sales of furniture, domestic electric appliances and building materials contributed the most to the increase from December 2012 to January 2013. The major driving factor was consumer spending, which increased from NOK289.5 billion (US$49.8 billion) in the third quarter of 2012 to NOK290.3 billion (US$49.9 billion) in the fourth quarter of the same year.

Full Report Details at
- http://www.fastmr.com/prod/588640_emerging_opportunities_in_norways_cards_and.aspx?afid=301

Key Highlights

* Norway's cards and payments industry exhibited nominal growth during the review period (2008-2012), increasing at a CAGR of 3.97%, from 15.34 million cards in 2008 to 17.9 million cards in 2012. Over the forecast period, the industry is forecast to register further growth with a CAGR of 1.33%, rising from 18.3 million cards in 2013 to 19.3 million cards in 2017.
* In Europe, both Norway and Iceland have the highest ranking in internet usage, followed by Sweden and Denmark. As of December 2012, the total number of internet users in Norway was recorded at 4.9 million people, an increase of 4.9% over 2011.
* The younger generation is a considerable and growing target group in terms of card spending. Notably, in 2013, 1.2 million people fell under the age bracket of 10-29 years, representing 25.7% of the total Norway's population.
* DNB Nor ASA was the leading bank in terms of debit card issuance volume in 2011, accounting for 35.4% of the total volume of debit cards in 2011. Other key operatives in the category were Nordea and SpareBank 1 Nord-Norge, which accounted for industry shares of 8.0% and 2.1% respectively in 2011.

Scope

* 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 2012 and forecast figures for 2017
* It details the different macroeconomic, infrastructural, consumer and business drivers affecting Norway's cards and payments industry

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