Market Trends of Norway POS Terminals Industry
This section covers the major market trends shaping the Norway POS Terminals Market according to our research experts:
Fixed Point of Sale to Show Significant Growth
- The fixed Point of sale terminal is back on the trend with the economy slowly returning back to normal. Its quite evident from the data provided by the Norges Bank survey which suggested that out of 2.58 billion card transactions in 2021, 1988 million, or 77%, were made at physical payment terminals (EFTPOS-terminals7 ). In contrast, 1941 million such payments were made in 2020.
- Further, the survey also suggested that in 2021, 1602 million (81%) of payments at physical points of sale were contactless payments. The average value of contactless payments was NOK 344.
- The extensive use of cards among the Norwegian population is further driving the demand of Fixed point of sale in retail and healthcare industries. At end-2021, the total number of Norwegian payment cards issued stood at 12.9 million. The most widely used card type is a card combining BankAxept with an international debit card, usually Visa or Mastercard. 57% of cards issued are of this type. The next most widely used card type is international credit cards, which account for 39% of cards.
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Retail Industry to Hold the Highest Market Share
- The expansion of the retail sector is expected to lead to growth in the number of POS terminals. Further, retailers are aiming at an innovative and modern point of sale system without having to battle an ascending level of organizational change processes and the associated high investment costs.
- Recently, Monsoon Accessorize Norway chose Front Systems when contemplating a point-of-sale system for its 9 Norwegian stores. The Norwegian supplier made the cut with its secure, flexible, and easily integrable system.
- Companies such as iZettle offer two types of mPOS terminals: Lite and Pro. The terminal can be connected to a tablet or mobile phone, while the Pro can be connected wirelessly via Bluetooth. Pro also has a separate built-in screen.
- To compete with iZettle, Nets launched its mPOS terminal, Nets Miniterminal iCMP which works via an app on a smartphone and tablet. The Nets Miniterminal iCMP mPOS terminal accepts BankAxept, Visa and MasterCard-branded cards, while iZettle mPOS terminals accept Visa, MasterCard, VPay, Maestro, JCB and Diners Club, but do not accept BankAxept.
