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Norways Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Published By :

Timetric

Published Date : Feb 2014

Category :

Banking

No. of Pages : 101 Pages

Synopsis

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

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.

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 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.

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.

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. 
  • 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.
Table of contents

1 Executive Summary

2 Analysis of Industry Environment, Key Trends and Drivers
2.1 Payment Infrastructure and Emerging Technology
2.1.1 ATMs
2.1.2 POS terminals
2.1.3 Internet penetration
2.1.4 Contactless technology
2.1.5 EMV
2.1.6 M-payment value
2.2 Business Drivers
2.2.1 Growth of online commerce
2.2.2 Retail sales value
2.2.3 Customer segmentation and personalized offerings
2.3 Economic Drivers
2.3.1 GDP per capita
2.3.2 GDP growth 
2.3.3 Inflation
2.3.4 Low unemployment

3 Cards and Payments Industry Share Analysis
3.1 Industry Overview
3.1.1 Cash
3.1.2 Checks
3.1.3 Direct debits
3.1.4 Credit transfers
3.1.5 Cards 

4 Regulatory Framework and Card Fraud Statistics 
4.1 Regulatory Framework 
4.1.1 SEPA cards framework 
4.1.2 Anti-money laundering (AML) regulation 
4.1.3 Foreign direct investment (FDI) regulations 
4.2 Card Fraud Statistics 
4.2.1 Card-not-present 
4.2.2 Counterfeit cards 
4.2.3 Cards lost or stolen 
4.2.4 Card ID theft 

5 Emerging Consumer Attitudes and Trends 
5.1 Market Segmentation and Targeting 
5.1.1 Retail users 
5.1.2 Corporate users 
5.2 Travel and Tourism Spending 
5.2.1 Outbound tourist volume 
5.2.2 Outbound tourist spending 
5.3 Retail Card Spending 
5.3.1 Analysis by product categories 
5.3.2 Analysis by retail channels 

6 Analysis of Card Payments and Growth Prospects 
6.1 Channel Share Analysis by Card Category 
6.2 Size and Forecast of the Card Payments Channel 
6.2.1 Analysis by Volume of cards in circulation 
6.2.2 Analysis by transaction value 

7 Analysis of Credit Card Payments and Growth Prospects 
7.1 Overall Category Size and Forecast 
7.1.1 Analysis by volume of cards in circulation 
7.1.2 Analysis by transaction value 
7.1.3 Analysis by transaction volume 
7.2 Transaction Share Analysis at ATMs and POSs 
7.2.1 Analysis by transaction value 
7.2.2 Analysis by transaction volume 
7.3 Personal Credit Cards Size and Forecast 
7.3.1 Analysis by volume of cards in circulation 
7.3.2 Analysis by transaction value 
7.3.3 Analysis by transaction volume 
7.4 Commercial Credit Cards Size and Forecast 
7.4.1 Analysis by number of cards in circulation 
7.4.2 Analysis by transaction value 
7.4.3 Analysis by transaction volume 
7.5 Competitive Landscape 
7.5.1 Scheme share analysis 
7.5.2 Issuer share analysis 

8 Analysis of Debit Card Payments and Growth Prospects 
8.1 Overall Category Size and Forecast 
8.1.1 Analysis by volume of cards in circulation 
8.1.2 Analysis by transaction value 
8.1.3 Analysis by transaction volume 
8.2 Transaction Share Analysis by Channel 
8.2.1 Analysis by transaction value 
8.2.2 Analysis by transaction volume 
8.3 Competitive Landscape 
8.3.1 Scheme share analysis 
8.3.2 Issuer share analysis 

9 Analysis of Charge Card Payments and Growth Prospects 
9.1 Overall Category Size and Forecast 
9.1.1 Analysis by volume of cards in circulation 
9.1.2 Analysis by transaction value 
9.1.3 Analysis by transaction volume 
9.2 Transaction Share Analysis by Channel 
9.2.1 Analysis by transaction value 
9.2.2 Analysis by transaction volume 
9.3 Personal Charge Cards Size and Forecast 
9.3.1 Analysis by number of cards in circulation 
9.3.2 Analysis by transaction value 
9.3.3 Analysis by transaction volume 
9.4 Commercial Charge Cards Size and Forecast 
9.4.1 Analysis by volume of cards in circulation 
9.4.2 Analysis by transaction value 
9.4.3 Analysis by transaction volume 
9.5 Competitive Landscape 
9.5.1 Scheme share analysis 
9.5.2 Issuer share analysis 

10 Analysis of Prepaid Card Payments and Growth Prospects 
10.1 Overall Category Size and Forecast 
10.1.1 Analysis by volume of cards in circulation 
10.1.2 Analysis by transaction value 
10.2 Open-Loop Prepaid Cards Segment Size and Forecast 
10.2.1 Analysis by number of cards in circulation 
10.2.2 Analysis by transaction value 
10.3 Closed-Loop Prepaid Cards Segment Size and Forecast 
10.3.1 Analysis by volume of cards in circulation 
10.3.2 Analysis by transaction value 

11 Merchant Acquiring 
11.1 Merchant Acquirers in the Norway 
11.2 Company Profiles of Merchant Acquirers in Norway 

12 Company Profiles of Card Issuers 
12.1 Sparebanken Vest 
12.1.1 Key financials 
12.1.2 Card portfolio 
12.1.3 Strategies 
12.2 EnterCard Norge AS 
12.2.1 Card portfolio 
12.2.2 Strategies 
12.3 DNB Bank 
12.3.1 Key financials 
12.3.2 Card portfolio 
12.3.3 Strategies 
12.4 Santander Consumer Bank AS 
12.4.1 Key financials 
12.4.2 Card portfolio 
12.4.3 Strategies 
12.5 SEB 
12.5.1 Key financials 
12.5.2 Card portfolio
12.5.3 Strategies

13 Appendix 
13.1 Methodology 
13.2 Contact Timetric 
13.3 About Timetric 
13.4 Timetric’s Services 
13.5 Definitions 
13.6 Disclaimer

List of Table


Table 1: Norwegian Payment Channels (NOK Billion), 2009–2013
Table 2: Market Entry Strategies of Foreign Banks in Norway 
Table 3: Norwegian Card Fraud (NOK Million), 2009–2013 
Table 4: Specialized Credit Cards for Younger Customers 
Table 5: Specialized Cards for Frequent Foreign Travelers 
Table 6: Specialized Cards for Vehicle Owners 
Table 7: Specialized Cards for SMEs and Large Enterprises 
Table 8: Specialized Cards for Business Needs 
Table 9: Norwegian Consumer Card Spending by Product Category (NOK Million), 2008–2012 
Table 10: Norwegian Consumer Spending through Cards by Retail Channel (NOK Million), 2008–2012 
Table 11: Norwegian Card Payments Channel by Card Category (Thousand), 2009–2018 
Table 12: Norwegian Card Payments Channel Size by Volume of Cards (Million), 2009–2018 
Table 13: Norwegian Card Payments Channel Size by Transaction Value (NOK Billion), 2009–2018 
Table 14: Norwegian Card Payments Channel Size by Transaction Value (US$ Billion), 2009–2018 
Table 15: Norwegian Credit Cards Category Size by Volume of Cards (Thousand), 2009–2018 
Table 16: Norwegian Credit Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 17: Norwegian Credit Cards Category Size by Transaction Value (US$ Billion), 2009–2018 
Table 18: Norwegian Credit Cards Category Size by Transaction Volume (Million), 2009–2018 
Table 19: Norwegian Personal Credit Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Table 20: Norwegian Personal Credit Cards Sub-Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 21: Norwegian Personal Credit Cards Sub-Category Size by Transaction Value (US$ Billion), 2009–2018 
Table 22: Norwegian Personal Credit Cards Sub-Category Size by Transactions Volume (Million), 2009–2018 
Table 23: Norwegian Commercial Credit Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Table 24: Norwegian Commercial Credit Cards Sub-Category Size by Transaction Value (NOK Million), 2009–2018 
Table 25: Norwegian Commercial Credit Cards Sub-Category Size by Transaction Value (US$ Million), 2009–2018 
Table 26: Norwegian Commercial Credit Cards Sub-Category Size by Transactions Volume (Thousand), 2009–2018 
Table 27: Norwegian Debit Cards Category Size by Volume of Cards (Thousand), 2009–2018 
Table 28: Norwegian Debit Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 29: Norwegian Debit Cards Category Size by Transaction Value (US$ Billion), 2009–2018 
Table 30: Norwegian Debit Cards Category Size by Transactions Volume (Million), 2009–2018 
Table 31: Norwegian Charge Cards Category Size by Volume of Cards (Thousand), 2009–2018 
Table 32: Norwegian Charge Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 33: Norwegian Charge Cards Category Size by Transaction Value (US$ Million), 2009–2018 
Table 34: Norwegian Charge Cards Category Size by Transactions Volume (Million), 2009–2018 
Table 35: Norwegian Personal Charge Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Table 36: Norwegian Personal Charge Cards Sub-Category Size by Transaction Value (NOK Million), 2009–2018 
Table 37: Norwegian Personal Charge Cards Sub-Category Size by Transaction Value (US$ Million), 2009–2018 
Table 38: Norwegian Personal Charge Cards Sub-Category Size by Transactions Volume (Million), 2009–2018 
Table 39: Norwegian Commercial Charge Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Table 40: Norwegian Commercial Charge Cards Sub-Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 41: Norwegian Commercial Charge Cards Sub-Category Size by Transaction Value (US$ Million), 2009–2018 
Table 42: Norwegian Commercial Charge Cards Sub-Category Size by Transactions Volume (Million), 2009–2018 
Table 43: Norwegian Prepaid Cards Category Size by Volume of Cards (Million), 2009–2018 
Table 44: Norwegian Prepaid Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Table 45: Norwegian Prepaid Cards Category Size by Transaction Value (US$ Million), 2009–2018 
Table 46: Norwegian Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018 
Table 47: Norwegian Open-Loop Prepaid Cards Segment Size by Transaction Value (NOK Million), 2009–2018 
Table 48: Norwegian Open-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018 
Table 49: Norwegian Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018 
Table 50: Norwegian Closed-Loop Prepaid Cards Segment Size by Transaction Value (NOK Million), 2009–2018 
Table 51: Norwegian Closed-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018 
Table 52: Sparebanken Vest – Key Financial Indicators (NOK Million), December 2011 and 2012 
Table 53: SpareBanken Vest – Card Product Offerings and Key Features 
Table 54: EnterCard Norge AS – Card Product Offerings and Key Features 
Table 55: DNB Bank– Key Financial Indicators (NOK Billion), December 2011 and 2012 
Table 56: DNB Bank– Card Product Offerings and Key Features 
Table 57: Santander Consumer Finance – Key Financial Indicators (EUR Billion), December 2011 and 2012 
Table 58: Santander Consumer Bank AS – Card Product Offerings and Key Features 
Table 59: SEB Group – Key Financial Indicators (SEK Billion), December 2011 and 2012 
Table 60: SEB Group – Card Product Offerings and Key Features 
Table 61: Key Definitions

List of Chart

Figure 1: Benchmarking the Norwegian Cards Channel Against Other Large Regional Markets
Figure 3: ATM Penetration in Norway, 2009–2018 
Figure 4: POS Terminal Penetration in Norway, 2009–2018 
Figure 5: Internet Penetration (Internet Users per 100 Inhabitants) in Norway, 2008–2012 
Figure 6: Volume of EMV Cards in Norway, (Million), 2009–2013 
Figure 7: M-Payments Value in Norway (NOK Billion), 2009–2018 
Figure 8: Retail Sales Value in Norway (NOK Billion), 2009–2018 
Figure 9: GDP Per Capita Growth in Norway (US$ Thousand), 2008–2017 
Figure 10: Norwegian GDP Growth, 2008–2017 
Figure 11: Norwegian Inflation Rate (%), 2008–2017 
Figure 12: Norwegian Unemployment Rate (%), 2008–2017 
Figure 13: Shares of Norwegian Payment Channels (%), 2009 and 2013 
Figure 14: Shares Various Types of Card Fraud in Norway (%), 2009 and 2013 
Figure 15: Norwegian Card-Not-Present Fraud Value (NOK Million), 2009–2013 
Figure 16: Norwegian Counterfeit Card Fraud Value (NOK Million), 2009–2013 
Figure 17: Value of Card Fraud by Cards Lost or Stolen in Norway (NOK Million), 2009–2013 
Figure 18: Card ID Theft Fraud Value in Norway (NOK Million), 2009–2013 
Figure 19: Norwegian Cards and Payments Industry Segmentation by Card Type 
Figure 20: Norwegian Volume of Outbound Departures (Million), 2009–2013 
Figure 21: Norwegian Outbound Tourists Spending (NOK Billion), 2009–2018 
Figure 22: Retail Consumer Card Spending by Product Category in Norway (%), 2012 
Figure 23: Norwegian Retail Consumer Card Spending by Retail Channel (%), 2012 
Figure 24: Norwegian Card Payments Channel by Card Category (%), 2009–2018 
Figure 25: Norwegian Card Payments Channel Size by Volume of Cards (Million), 2009–2018 
Figure 26: Norwegian Card Payments Channel Size by Transaction Value (NOK Billion), 2009–2018 
Figure 27: Norwegian Credit Cards Volume and Penetration, 2009–2018 
Figure 28: Norwegian Credit Cards Category Size by Volume of Cards (Million), 2009–2018 
Figure 29: Norwegian Credit Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 30: Norwegian Credit Cards Category Size by Transaction Volume (Million), 2009–2018 
Figure 31: Norwegian POS and ATM Credit Cards Transaction Values (NOK Billion), 2009–2018 
Figure 32: Norwegian POS and ATM Credit Card Transaction Volumes (Million), 2009–2018 
Figure 33: Norwegian Personal Credit Cards Sub-Category Size by Volume of Cards (Million), 2009–2018 
Figure 34: Norwegian Personal Credit Cards Sub-Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 35: Norwegian Personal Credit Cards Sub-Category Size by Transactions Volume (Million), 2009–2018 
Figure 36: Norwegian Commercial Credit Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Figure 37: Norwegian Commercial Credit Cards Sub-Category Size by Transaction Value (NOK Million), 2009–2018 
Figure 38: Norwegian Commercial Credit Cards Sub-Category Size by Transactions Volume (Thousand), 2009–2018 
Figure 39: Norwegian Credit Cards Category Share by Scheme (%), 2013 
Figure 40: Norwegian Credit Cards Category Share by Bank (%), 2013 
Figure 41: Norwegian Debit Cards Category Volume and Penetration, 2009–2018 
Figure 42: Norwegian Debit Card Category Size by Volume of Cards (Million), 2009–2018 
Figure 43: Norwegian Debit Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 44: Norwegian Debit Cards Category Size by Transactions Volume (Million), 2009–2018 
Figure 45: Norwegian Debit Cards Category Transactions Value Share Analysis by Channel (NOK Billion), 2009–2018 
Figure 46: Norwegian Debit Card Transactions Volume Share Analysis by Channel (Million), 2009–2018 
Figure 47: Norwegian Debit Cards Category Share by Bank (%), 2013 
Figure 48: Norwegian Charge Cards Category Volume and Penetration, 2009–2018 
Figure 49: Norwegian Charge Card Category Size by Volume of Cards (Thousand), 2009–2018 
Figure 50: Norwegian Charge Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 51: Norwegian Charge Cards Category Size by Transactions Volume (Million), 2009–2018 
Figure 52: Norwegian Charge Card Transactions Value Share Analysis by Channel (NOK Billion), 2009–2018 
Figure 53: Norwegian Charge Card Transactions Volume Share Analysis by Channel (Million), 2009–2018 
Figure 54: Norwegian Personal Charge Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Figure 55: Norwegian Personal Charge Cards Sub-Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 56: Norwegian Personal Charge Cards Sub-Category Size by Transactions Volume (Million), 2009–2018 
Figure 57: Norwegian Commercial Charge Cards Sub-Category Size by Volume of Cards (Thousand), 2009–2018 
Figure 58: Norwegian Commercial Charge Cards Sub-Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 59: Norwegian Commercial Charge Cards Sub-Category Size by Transaction Volume (Million), 2009–2018 
Figure 60: Norwegian Charge Cards Category Shares by Scheme (%), 2013 
Figure 61: Norwegian Charge Cards Category Share by Issuer (%), 2013 
Figure 62: Norwegian Prepaid Cards Category Volume and Penetration, 2009–2018 
Figure 63: Norwegian Prepaid Cards Category Size by Volume of Cards (Million), 2009–2018 
Figure 64: Norwegian Prepaid Cards Category Size by Transaction Value (NOK Billion), 2009–2018 
Figure 65: Norwegian Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018 
Figure 66: Norwegian Open-Loop Prepaid Cards Segment Size by Transaction Value (NOK Million), 2009–2018 
Figure 67: Norwegian Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Million), 2009–2018 
Figure 68: Norwegian Closed-Loop Prepaid Cards Segment Size by Transaction Value (NOK Million), 2009–2018 
Figure 69: Market Shares of Key Acquirers in Norway (%), 2013

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