Financial Cards and Payments in Denmark: New research report available at Fast Market Research

From: Fast Market Research, Inc.
Published: Thu Nov 19 2015

Move towards cash less society

There is much talk in Denmark about the country’s shift towards a cashless society. Towards the end of the review period, all of the different payment cards categories researched by Euromonitor International showed positive development in all three major parameters of number of cards in circulation, transactions volume and transactions value. This growth is being driven by the increasing number of Danes switching from using cash to using cards more frequently and improving economic conditions with increasing expenditure. In 2015, Denmark considered implementing new retailers’ concepts to make all transactions cash-free. If the proposal by the Danish Chamber of Commerce is approved by parliament, retailers will be able to implement the new cash-free concept from January 2016, further boosting the performance of financial cards and payments.

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The development of mobile payments gathers pace

After the launch of first mobile payment system MobilePay by Danske Bank in the middle of 2013, financial cards and payments shifted towards m-commerce. Two years later, several new players and much wider innovative could be observed, with the emergence of mobile payment systems boosting the usage of this payment method. For instance, MobilePay, Swipp and MEEwallet are all examples of mobile payment systems that were available in Denmark during 2015. There is still potential for further innovation and development in this area and there is therefore much more of a focus from other players in the category.

Debit cards remain the most common type of payment cards in Denmark

Debit cards remain the most popular type of payment cards in Denmark, a situation which can mainly be attributed to the popularity of the national debit card Dankort, the majority of which are now co-branded with Visa. Dankort is the leading financial cards operator in terms of the number of cards in circulation as well as in terms of transactions value and there are various different factors which can explain the commanding position of this payment system in Denmark. High merchant acceptance in all parts of the country, the long history in the industry and the relatively low cost of holding these cards are among the most important.

Key players remain dominant

Danske Bank and Nordea Bank remain the leading issues of financial cards in Denmark and these players are present in most categories within financial cards and payments in Denmark. These companies are often the first movers in terms of new product developments and innovation, what enables them to maintain leading positions in the market and compete strongly with each other. In addition, their long histories in the country, efficient operations, wide customer bases, wide national presence and solid reputations are other key reasons behind the stable positions of these two companies.

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