Market Size of Norway POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.86 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway POS Terminals Market Analysis
The Norway POS Payment Market is expected to grow at a CAGR of 10.86% during the forecast period 2022-2027. The card remains the dominant payment instrument in Norway, with more than half of the population bearing three cards at a time.
- Ready access to formal financial services has resulted in a population that is highly comfortable with payment cards both in-store and online. As a result, the consumers embraced debit cards and BankAxept at the core of the payment market.
- Electronic payments have also gained ground due to the government's substantial investments in building long-term infrastructure for cashless transactions. Contactless card numbers and use have seen healthy growth in the past few years, with the vast majority of contactless users in the country seeing the cards as helpful.
- The growing use of debit cards at POS terminals has been supported by BankAxept's zero-interchange-fee model, which enables merchants to accept debit cards at lower costs. To drive debit card use, BankAxept offers contactless debit cards that enable holders to make payments of up to NOK400 (USD 46.22) without entering a PIN.
- A bank survey conducted by Norges bank suggested that 4% of survey participants used cash in their most recent payment at a physical point of sale. This figure has remained stable since the outbreak of the pandemic in spring 2020. The number of ATM and POS cash withdrawals has continued to decline, albeit somewhat less in 2021 than in 2020. The value of withdrawals from ATMs has also continued to fall but the value of POS withdrawals has increased somewhat.
