Norway

Payment solutions in Norway

With over 5 million residents, Norway achieved an e-commerce revenue of 15 billion euros in 2017. A yearly growth of 12% is expected until 2022. The internet usage rate, at 99%, is very high. Online shopping for fashion is especially popular in Norway, bringing in almost 1.5 billion euros - a large part of the entire e-commerce revenue of Norway in 2016. In 2017, Norwegians spent 2,347$ US per capita online.

Credit cards and bank transfers dominate the market

Credit cards are the most popular method of payment at 28%, followed in third place by bank transfers at 21%. Card payments make up a total of 47% of the payments. Although this number was expected to go down, credit cards have gaining popularity in 2016. This can be mostly explained by the strong technological infrastructure providing safe and efficient POS terminals in most shops. Alternative methods of payment including e-wallets are becoming more popular. Mobile wallets were used to settle 12% of e-commerce and 4% of POS transactions in 2017.

Other preferred payment methods

In addition to the famous credit cards Visa, MasterCard or American Express and PayPal, popular payment methods in Norway include notably Klarna, Trustly, Nordea, Visa Debit, Skrill, paysafecard, MoneyToPay, Bankaxess, PayByBill, AcceptEmail, Ukash and AfterPay.

Mobile payments are also gaining popularity in Norway. The launch of DNB’S Vipps and Danske Bank’s Mobile Pay, as well as the purchase of mCash by Sparebank1, in 2015, were decisive moment for the propagation of m-commerce in the country. Nevertheless, the country is still slightly behind when compared to other European countries. Denmark and Sweden are particularly advanced in this domain. The lack of a centralized system might be the culprit.

Point of sale payment in Norway

In 2017, Norwegian spent 20,844$ US per capita at brick-and-mortar locations. Interestingly, only 4% of card present transactions were paid for in cash in 2017. Debit cards (73%) and credit cards (16%) are the preferred payment methods at physical stores. The Norwegian POS market is expected to grow at a 3% compounded annual growth rate until 2022.

Cross-border commerce

The top export partners of Norway are Germany, the UK, the Netherlands, Sweden and France. Imports are mainly coming from Sweden, Germany, China, South Korea and the UK.

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