Market Size of Denmark Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Denmark Payments Market Analysis
The Denmark payments market is expected to register a CAGR of more than 7.5% from 2022 to 2027. The primary factor driving the market's growth in the region is the strong growth in E-commerce and an increased inclination toward using digital payment tools, particularly non-contact tools.
The Danish payments infrastructure is a network of technologies that allows individuals, businesses, and financial institutions to exchange payments and securities transactions. On an ordinary banking day, payments worth KR 640 billion are cleared and paid through the Danish financial infrastructure's key IT systems.
Denmark has an intelligent economy at the forefront of numerous cutting-edge payment programs, including P27, which will facilitate instant payments for all residents and organizations in the countries of Denmark, Finland, and Sweden.
The Danish e-commerce market is booming. According to the International Trade Administration, Denmark is the 29th largest market for eCommerce, with a revenue of USD 6 billion in 2020. The e-commerce market in the country has improved due to the increase in mobile commerce, extended pickup options, and optimization of processes by big data analytics.
Further, digital-only banks are entering the danish banking market. For instance, companies such as Lunar, Revolut, and many more, which operate only through online applications, are serving the population in the country. The domestic mobile-only bank Lunar Bank is the largest digital-only bank in Denmark. The bank serves 400,000 consumers across the Nordic markets.
Furthermore, the Covid-19 epidemic has supported a significant shift in payment practice, such as a decrease in cash payments, a move from in-store to online payment methods, and the adoption of quick payments. These shifts have offered new opportunities for Danish payment providers.
