Market Size of Denmark Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 22.90 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Denmark Mobile Payments Market Analysis
The Denmark mobile payments market is anticipated to register a CAGR of 22.9% from 2022 to 2027. The market comprises players offering mobile applications used for making payments. Denmark is a mature market for mobile payments, as the country for one of the earliest adopters to introduce mobile payments.
- The internet is evolving with more e-commerce platforms coming into existence. The ecosystem is developed through joint venturing between financial banks, payment gateways, and service providers for the App, making way for mobile payments. The introduction of NFC as a wearables and incorporation option and other technologies into the connected devices has considerably eased the mode of payment. The inclusion of virtual assistants and mobile payment app compatibility with them is also mostly end-to-end encrypted to provide state-of-the-art security and reliability.
- However, high internet cost is leading to decreased mobile payment use. According to Proofpoint, The price of Internet 8 Mbps (1 month) in Copenhagen is kr147. Thus, it creates a serious need for cost cuts in internet prices to increase access to be offered by mobile payments companies, ensuring safe and protected payments.
- COVID-19 pandemic proved to provide a boost for mobile payments. In Denmark, users were aware of avoiding payment modes, including physical contact with the commonly touched points in the general environment. The contactless payment offered by mobile payments helped make payments even during the lockdowns. Many online e-commerce platforms enabled mobile payments during the pandemic, which gave it a great push to become the new norm.
Denmark Mobile Payments Industry Segmentation
Mobile payments refer to the different media of payments through software as a service in the smart electronic devices, including smartphones, smart wearables, or any other device facilitating the supported operating system. The payment can be made in real-time or remotely through the cloud setup.
The Denmark mobile payments market is segmented by type (Proximity Payment and Remote Payment).
| By Type (Market share in percentage based on relative adoption) | |
| Proximity | |
| Remote |
Denmark Mobile Payments Market Size Summary
The Denmark mobile payments market is a well-established sector, having been one of the early adopters of mobile payment technologies. The market is characterized by a robust ecosystem involving financial institutions, payment gateways, and service providers, which have collectively fostered the growth of mobile payment applications. The integration of technologies such as NFC and virtual assistants has significantly enhanced the convenience and security of mobile transactions. Despite the high penetration of smartphones and the increasing popularity of e-commerce, the high cost of internet access remains a barrier to wider adoption of mobile payments. The COVID-19 pandemic acted as a catalyst, accelerating the shift towards contactless payment methods as consumers sought to minimize physical interactions.
The competitive landscape of Denmark's mobile payments market is moderately fragmented, with major players like Apple, Google, Samsung, and PayPal actively enhancing their offerings to improve compatibility with wearables and ease of use. Collaborations with e-commerce platforms and other vendors are common as companies strive to gain a competitive edge. The market is also witnessing innovations such as PayPal's Zettle Terminal and Google's Tap to Pay feature, which aim to simplify payment processes for businesses and consumers alike. Additionally, initiatives like the P27 Nordic Payments project are set to streamline cross-border transactions, further bolstering the market's growth potential.
Denmark Mobile Payments Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 High internet penetration and High smartphone usage encourages mobile-commerce
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1.1.2 Growing use of Digital wallet use in E-commerce
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1.1.3 Government initiatives engenders trust online
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1.2 Market Challenges
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1.2.1 High internet cost
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1.3 Market Opportunities
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1.3.1 Introduction of Multiple Factor Authentication Create Growth Opportunities
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1.4 Key Regulations and Standards in the Mobile Payments Industry
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1.5 Analysis of Business Models in the Industry
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1.6 Analysis of the Increasing Market Penetration of Mobile Wallets
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1.7 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
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1.8 Commentary on the growth of Mobile Commerce and its influence on the Market
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2. MARKET SEGMENTATION
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2.1 By Type (Market share in percentage based on relative adoption)
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2.1.1 Proximity
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2.1.2 Remote
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Denmark Mobile Payments Market Size FAQs
What is the current Denmark Mobile Payments Market size?
The Denmark Mobile Payments Market is projected to register a CAGR of 22.90% during the forecast period (2024-2029)
Who are the key players in Denmark Mobile Payments Market?
Apple Inc., Google LLC (Google Pay), Samsung Electronics (Samsung pay), PayPal (Europe) S.à r.l. et Cie, S.C.A. and Amazon Payments, Inc. are the major companies operating in the Denmark Mobile Payments Market.
