The Danish cards and payments industry is among the world’s most developed markets. This is primarily due to the consumer preference for cards as a payment option. The broad range of cards available can be used by consumers for basic payments such as mobile recharges, gifts, retail shopping, petrol payments, travel expenses, payroll, and insurance cover.
The cards industry in Denmark is dominated by debit and prepaid cards. In terms of the number of cards in circulation, debit and prepaid cards collectively account for more than 88% of the Danish industry. Credit cards, which hold the remaining share, showed huge growth potential in Denmark.
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Growth in e-commerce and m-commerce
E-commerce and m-commerce are growing rapidly in Denmark and are expected to show significant growth in the future. Consumers’ preferred mode of e-commerce and m-commerce payment has been payment cards, and growth in the sectors is expected to contribute to the growth of the Danish cards and payments industry.
NFC technology
Near field communication (NFC) technology is being adopted in Denmark. TDC, Telenor, TeliaSonera and 3 entered into a joint venture to launch NFC mobile wallets in the Danish industry. The technology can be used through cardholders’ smartphones and is generally considered to be user-friendly. Scandinavian airline SAS has also issued NFC stickers to frequent flyers since September 2011. The technology is expected to grow further in Denmark over the forecast period, contributing to the Danish cards and payments industry.
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Tourism Industry
Despite the economic slowdown in Europe, the number of outbound tourists from Denmark remained largely stable during the review period. A growing number of outbound tourists and recovery from the economic slowdown are expected to drive growth in the Danish cards and payments industry as increasing numbers use cards on trips abroad.
List of Companies Mentioned in this report are:
- Danske Bank
- Nordea
- Jyske Bank
- Sydbank
- Arbejdernes Landsbank
- Nykredit
- SEB
- Alm. Brand Bank
- BankNordik
- Basisbank
- The Jutland Sparekasse
- Djurslands Bank
- Spar Nord Bank
- Vestjysk Bank
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