Market Trends of Europe Credit Cards Industry
Increasing Card Transactions in Europe have a Major Impact on Credit Card
Most people see payment cards as a quick and easy way of making retail payments. They are the most widely used and fastest-growing electronic payment instrument in Europe. In Europe, the payment card is the most commonly used payment instrument in terms of volume. The usage of payment cards had grown at the expense of the check, which some countries like the Netherlands suppressed altogether when the Euro was introduced. The average amount of a card payment varies from one country to the other. The discrepancies observed are due to differences in consumer habits and living standards. The total value of transactions increased year-on-year throughout this period.
Iceland has highest Credit Card Penetration rate in Europe
The share of the adult population in European countries varied from eight percent in Albania to as high as 71 percent in Norway. Using a credit card allows the cardholder to pay for goods and services with the agreed promise to the card issuer that they will repay the amount borrowed either in installments or as a single payment. In Europe, there are two leading credit card providers. In recent years, Iceland's tourism sector has witnessed remarkable expansion, luring in global tourists. Credit cards have become ubiquitous in Iceland's tourism ecosystem, spanning hotels, eateries, tour operators, and other tourist-centric establishments. This trend has not only elevated credit card usage among tourists but also among the local populace. Iceland boasts a robust banking framework, with leading banks proffering an array of credit card options and services. The combination of easy credit card accessibility, attractive terms, and enticing rewards programs further incentivizes individuals to rely on credit cards for their day-to-day transactions.
