Denmark Mobile Payments Market Size

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.