Norway Payments Market Size (2024 - 2029)

Norway Payments Market Analysis

The Norway Payments Market size is estimated at USD 33.89 billion in 2024, and is expected to reach USD 55.35 billion by 2029, growing at a CAGR of 10.31% during the forecast period (2024-2029).

E-commerce payment preferences are shifting away from cash and credit cards to digital wallets and buy now, pay later options (BNPL). Credit cards' dropping share is due to the rise of alternative payment methods, volume transferring to credit- and debit-linked digital wallets, customers choosing interest-free credit in BNPL, and credit-centric sectors like travel recovering from pandemic damage.

• The Norway payment system is gradually shifting from cash to digital payments. Payments are becoming increasingly cashless, assisting in the growth of digital economies and payment infrastructure innovation. Contactless payments are becoming more popular in a variety of places throughout the world. Contactless payment solutions at the point of sale, such as face recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), are transforming the countries' payment environment.
• Apps for mobile banking are becoming more popular. App developers can identify the immediate impact of these apps and create them to satisfy the needs of all users. Because of artificial intelligence, banking consumers receive assistance. Instead of being forced to visit a physical location, customers now have more options than earlier.
• The mobile transaction market has evolved, and more and more service providers are requesting new mobile payment solutions - as surcharged text message payments and as accurate mobile payments. Despite the widespread use of credit cards, substantial cash is still circulating. On the other hand, mobile and contactless technology will provide consumers with payment options as convenient as cash.
• However, while digital payment systems offer advantages, there also pose privacy and security risks that can impact customers, merchants, markets, and governments and impede the market growth. Payment systems must be modified to ensure privacy while employing strong encryption and open standards. Data privacy legislation and a strong market regulator are also necessary.
• The pandemic-induced lockdown and mobility restrictions significantly impacted e-commerce in Norway, driving demand to new highs, bringing new shoppers and sellers into digital platforms, and offering players long-term growth. The containment efforts introduced people to online buying and motivated experienced online buyers to make more purchases, making the e-commerce business one of the largest beneficiaries of the pandemic. This helped e-commerce payments or online sales become a key metric in the market studied.

Norway Payments Industry Segmentation

The payments market is segmented by two modes of payment, POS and e-commerce. E-commerce payments include online purchases of goods and services, such as purchases on e-commerce websites and online bookings for travel and accommodation. However, they do not include online purchases of motor vehicles, real estate, utility bills (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. In the POS segment, all transactions at the physical point of sale are included in the market scope. It includes traditional in-store transactions and all face-to-face transactions, regardless of where they occur. Cash is considered for both cases (cash on delivery for e-commerce sales).

The Norway payments market is segmented by mode of payment (point of sale (card payments, digital wallet, cash), online sale (card payments and digital wallet)). The market sizes and forecasts are provided in terms of value in USD for all the above segments.