Denmark Cards and Payments – Opportunities and Risks to 2027

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Denmark Cards and Payments Market Report Overview

The annual value of card transactions in the Denmark cards and payments market was $109.81 billion in 2023 and will grow at a CAGR of more than 4% during 2023-2027. Rising inflation, unemployment, and ongoing geopolitical uncertainty harmed the cards and payments sector. However, gradual growth in consumer expenditure and purchasing power will drive the sector growth during the forecast period.

Denmark Card Transactions Outlook, 2023-2027 ($ Billion)

Denmark Card Transactions Outlook, 2023-2027 ($ Billion)

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The Denmark cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Denmark cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Card Transactions Value (2023) $109.81 billion
CAGR (2023-2027) >4%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Credit Transfers

·        Cash

·        Direct Debits

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        In-store Payments

·        Buy Now Pay Later

·        Mobile Payments

Leading Players ·        Nexi

·        Worldline

·        Sweedbank

·        AltaPay

·        Nets

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Denmark Cards and Payments Market Dynamics

Debit cards were the preferred card type for payments in 2023e. Rising economic uncertainty and high inflation have led to increasing spending by consumers within their means rather than relying on credit. While the payment market was dominated by cards, mobile payments are also gaining popularity as the likes of MobilePay, Apple Pay, and others are increasingly being used for online purchases.

Meanwhile, contactless card awareness and usage have both been on the rise in Denmark and are likely to grow further as more contactless cards are issued and merchants increasingly adopt contactless POS terminals.

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Denmark Cards and Payments Market Segmentation by Payment Instruments

Cards had the highest share of payment transaction volume in 2023

The key payment instruments in the Denmark cards and payments market are cards, credit transfers, cash, and direct debits. Card usage has been on the rise attributed to the convenience of electronic payments, robust payment infrastructure, the increasing preference for contactless payments, and e-commerce market growth.

Denmark Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

Denmark Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

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Denmark Cards and Payments Market Segments

The key segments in the Denmark cards and payments market are card-based payments, e-commerce payments. in-store payments, buy now pay later, mobile payments among others.

Card-Based Payments: Denmark has a highly developed payment card market with a card penetration of nearly two cards per individual. This is supported by a high level of awareness of electronic payments, a 100% banked population, and a well-developed payment acceptance infrastructure.

Consumers in Denmark are prolific users of payment cards because of the growing adoption of contactless payments. The proliferation of digital-only banks and alternative payment solutions as well as the growing ecommerce market will drive payment card market growth during the forecast period.

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Denmark Cards and Payments Market - Competitive Landscape

A few of the leading players in the Denmark cards and payments market are Nexi, Worldline, Sweedbank, AltaPay, and Nets among others.

Denmark Cards and Payments Market Analysis by Players, 2023

Denmark Cards and Payments Market Analysis by Players, 2023

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Key Developments

  • In May 2023, German automobile manufacturer Mercedes-Benz launched the Mercedes Pay solution in Denmark. It enables customers to use their vehicles to book and pay for off-street parking.
  • In January 2022, UK-based Revolut launched its banking operations in 10 European countries (including Denmark). Account holders receive a debit card that can be used for cash withdrawals and payments.

Segments Covered in the Report

Denmark Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Credit Transfers
  • Cash
  • Direct Debits

Denmark Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • In-store Payments
  • Buy Now Pay Later
  • Mobile Payments

Scope

Contactless card usage is expanding for public transport payments. In November 2022, Danish railway operator Danske Statsbaner introduced the softPOS solution developed by payment solution providers Softpay.io and Nets. As a result, travelers can now pay for fares by making contactless payments on softPOS-enabled mobile devices carried by train conductors.

The growing popularity of digital-only banks is driving competition in the banking space, thus boosting debit card holding. For example, UK-based Revolut operates in Denmark, offering Standard, Plus, Premium, Metal, and Ultra accounts along with a debit card. The company also offers the <18 bank account for teens, which includes a Revolut debit card. Through the app, the customer’s parents or guardians can keep track of their child’s spending and saving habits.

Online shopping events such as Black Friday and Cyber Monday have supported the growth of ecommerce in Denmark. For example, Zalando offers discounts of up to 50% on various product categories during the annual Black Friday event, thus boosting ecommerce sales volumes. To benefit from the growing ecommerce market, in February 2021, Zalando expanded its pre-owned online store Zircle to Denmark, allowing consumers to buy pre-owned fashion products. Meanwhile, new retailers are entering the Danish ecommerce space to capitalize on its growth. In March 2023, Netherlands-based clothing retailer C&A expanded its presence to 11 countries, including Denmark.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the Denmark cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Denmark’s cards and payments industry.
  • Assess the competitive dynamics in the Denmark cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Denmark.
  • Gain insights into key regulations governing Denmark’s cards and payments industry.

Danske Bank
Nordea
Jyske Bank
Sydbank
Arbejdernes Landsbank
Nykredit
Dankort
Mastercard
Visa

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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