Norway Payments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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)).

Market Snapshot

Norway Payments Market
Study Period: 2020-2027
Base Year: 2021
CAGR: 15.3 %

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Market Overview

The Norway payments market is expected to grow at a CAGR of 15.3 % (2022 to 2027). E-commerce payment preferences are shifting away from cash and credit cards and toward 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 the form of BNPL, and credit-centric sectors like travel recovering from pandemic damage.

  • Online payment and banking have altered the way consumers shop, buy, and pay and how businesses operate. Indeed, online payment has revolutionized both eCommerce and banking. As more companies launch online, Norway's e-commerce sector is fast growing.
  • Apps for mobile banking are becoming more common. App developers can identify the immediate impact of these apps and create them to satisfy the needs of all users. Banking consumers receive assistance that they never imagined possible because of artificial intelligence. Instead of being forced to visit a physical location, customers now have more options than ever.
  • The mobile transaction market has evolved, and more and more service providers are requesting new mobile payment solutions - not only as surcharged text message payments but as accurate mobile payments. Despite the widespread use of credit cards, there is still a substantial amount of cash in circulation. On the other hand, mobile and contactless technology will provide consumers with payment options that are as convenient as cash.

Scope of the Report

Norway has a well-developed e-commerce market with consistent growth over time, thanks to high mobile and online penetration and a high preference for online transactions among consumers. Online payments are progressively replacing cash payments.

Norway's payments market is categorized into two segments: by mode of payment (point of sale (card payments, digital wallet, cash, and others) and online sale (card payments, digital wallet)).

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries

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Key Market Trends

Adoption of Online Mode of Payments

  • In Norway's advanced economy, e-commerce is rising at twice the rate of POS. Customers in Norway prefer credit and charge cards over digital wallets. By 2025, bank transfers and COD are likely to lose ground to digital wallets and BNPL.
  • In Norway, e-commerce has a well-balanced payment market. By 2020, all banks will be using the long-established Straksbetalinger real-time service, which has enhanced the deployment of Straks 2.0. Most real-time payments are initiated as P2P payments from the Vipps mobile payment app, which processes about half a million transactions per day.
Norway Payments Market

Government Initiatives

  • Like many other banking areas, Norway is in the process of designing and implementing upgrades to its local payments, clearing, and settlement infrastructure. Coming from outdated standards to ISO 20022, improving the speedier payment system, and moving closer to SEPA-like standards are all part of this.
  • The Nordic real-time payment platform P27, which is scheduled to release in 2022, will provide unified cross-border real-time payments across Sweden, Finland, and Denmark, with Norway being explored later. P27 will offer P2P, P2B, and B2P prices in Nordic markets, including request-to-pay and bill payments, as a joint venture between numerous regional banks. Banks can create apps and offer everyday products and services to consumers, retailers, and companies, including cross-border mobile solutions. More countries may be able to join P27 in the future.
Norway Payments Market

Competitive Landscape

The level of rivalry in Norway's payments market is high due to the presence of many market players. Apart from Visa, some banks enjoy a large company in the payments market, further intensifying the overall rivalry between players. Some of the key players in the Norway payments market are Vipps AS, Nets, and Bank Norwegian.

  • March 2022 - Infosys announced its collaboration with Telenor Norway, Telenor's wholly-owned Norwegian telecommunications operator, to transform its finance and supply chain operations. Infosys has implemented a future-proof, standardized Oracle Cloud enterprise resource planning (ERP) solution to help migrate from a legacy ERP system to enhance business agility and operational efficiency.
  • January 2020 - Vipps collaborated with China's Alipay to enable its Vipps-payment to be used outside Norway and to open the system up for mobile payments by Chinese tourists visiting the country. This deal makes it easier for Norwegian restaurants, shops, hotels, and tourist destinations to reach the ever-increasing proportion of Chinese tourists to Norway.

Recent Developments

  • May 2022 - Klarna, a global retail bank, payments, and shopping service, announced the launch of its virtual shopping offering, bringing the best of in-store to the online experience. Virtual Shopping by Klarna enables consumers to browse and buy online with confidence by connecting them directly with in-store experts through live chats and video calls to receive product advice and inspiration.
  • April 2022 - Klarna, a global retail bank, payments, and shopping service, announced the completion of its acquisition of PriceRunner, the comparison shopping service in the Nordic region with operations in Sweden, Denmark, Norway, and the United Kingdom. PriceRunner will bring new features to the Klarna app globally in the form of rich product discovery, price comparisons, and product reviews to help consumers save time and money and make informed decisions to take control of their finances.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in the country

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in the country

    6. 4.6 Impact of COVID-19 on the payments market in the country


    1. 5.1 Market Drivers

      1. 5.1.1 Government Initiatives

      2. 5.1.2 Adoption of online mode of Payments

    2. 5.2 Market Challenges

      1. 5.2.1 Lack of data security

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

      2. 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to payments industry in Norway (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in Norway

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in Norway


    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries


    1. 7.1 Company Profiles

      1. 7.1.1 Vipps AS

      2. 7.1.2 Nets A/S

      3. 7.1.3 Bank Norwegian

      4. 7.1.4 Klarna Bank AB

      5. 7.1.5 PayPal Holdings Inc.

      6. 7.1.6 BankAxept

      7. 7.1.7 Visa Inc.

      8. 7.1.8 Mastercard Inc.

      9. 7.1.9 American Express

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Norway Payments Market market is studied from 2020 - 2027.

The Norway Payments Market is growing at a CAGR of 15.3% over the next 5 years.

Vipps AS, Bank Norwegian, Nets A/S, Klarna Bank AB, Visa Inc. are the major companies operating in Norway Payments Market.

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