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Norway Mobile Payments Market Size (2024 - 2029)

The Norway mobile payments market is experiencing significant growth, driven by the increasing adoption of mobile and contactless payment systems. The introduction of central bank digital currencies by Norwegian banks is further contributing to the expansion of the market. Despite challenges such as cybersecurity threats due to high digitalization, the market continues to evolve, with mobile banking apps becoming more prevalent and consumer needs being met through advanced technology. The COVID-19 pandemic has also positively impacted the market, as there has been a notable shift towards contactless payments and online purchasing, reducing cash usage and transforming the payment landscape in Norway.

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Market Size of Norway Mobile Payments Industry

Norway Mobile Payments Market Outlook
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 10.10 %
Fastest Growing Market Europe
Largest Market Europe
Market Concentration Medium

Major Players

Norway Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

Norway Mobile Payments Market Analysis

Norway has had an efficient payment system that benefits all consumers for several decades. The adoption of the new technology is changing the payment gateway. The number of mobile payments and contactless card payment is on the rise. It has opened opportunities for new types of payment systems and new kinds of money. Most banks in Norway are launching central bank digital currencies, which helps the market grow.

  • Norwegian banks are vulnerable to cyberattacks and hacking. Financial stability may be put at risk as attacks become more sophisticated. Inadequate security can stifle market growth. The Norwegian financial system is vulnerable due to its high level of digitalization and interconnection. Financial institutions are reporting increasingly sophisticated attacks.
  • 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 impact of the COVID-19 pandemic on Norway's mobile payment was positive as the payment market has transformed with major change as the people of Norway have increased the option of opting for contactless payments and reduced cash usage. Though the covid has hampered many industries' e-commerce for the short term due to reduced consumer spending, it has made online purchasing more appealing, as most consumers are staying at home and using online platforms to purchase goods.

Norway Mobile Payments Industry Segmentation

Mobile payment is an alternative to traditional payment systems that use cash, checks, or credit cards as the medium of exchange. Mobile Payment allows customers to purchase any good or service using wireless devices such as smartphones, tablets, and others. Furthermore, mobile payments use NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing to improve transaction security and provide hassle-free transactions.

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Norway Mobile Payments Market Size Summary

The Norway mobile payments market is experiencing significant transformation driven by technological advancements and changing consumer preferences. The adoption of mobile payments and contactless card transactions is on the rise, facilitated by the robust digital infrastructure and high smartphone penetration in the country. Norwegian banks are increasingly launching central bank digital currencies, which contribute to market expansion. However, the sector faces challenges such as cyberattacks and inadequate security measures, which could potentially hinder growth. The COVID-19 pandemic has accelerated the shift towards contactless payments and online shopping, as consumers have reduced cash usage and embraced digital payment options. The local payment solution VIPPS is gaining popularity, further enhancing the competitive landscape.

E-commerce is deeply integrated into Norwegian consumer behavior, with a significant portion of transactions conducted online. Debit and credit cards remain the preferred payment methods, but other electronic and wireless options are rapidly gaining traction. The market is characterized by intense competition, with major players like Vipps, Apple Inc., and PayPal Inc. continuously innovating and expanding their offerings. Strategic partnerships and acquisitions, such as the merger of MobilePay with Vipps and Pivo, are shaping the market dynamics. The introduction of new payment solutions and the expansion of online retail platforms, such as Coop Norge AS and S√∏strene Grene, underscore the growing importance of mobile commerce in Norway, which boasts one of the highest mobile commerce rates in Europe.

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Norway Mobile Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Intensity of Competitive Rivalry

      5. 1.3.5 Threat of Substitutes

    4. 1.4 COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Payment Mode

      1. 2.1.1 Proximity Payment

      2. 2.1.2 Remote Payment

    2. 2.2 By Technology

      1. 2.2.1 NFC

      2. 2.2.2 QR Code

      3. 2.2.3 WAP & Card-Based

      4. 2.2.4 Banking App-based

      5. 2.2.5 Others

    3. 2.3 By End User

      1. 2.3.1 Healthcare

      2. 2.3.2 Retail

      3. 2.3.3 Energy & Utilities

      4. 2.3.4 Hospitality and Transporatation

      5. 2.3.5 Entertainment

      6. 2.3.6 Others

    4. 2.4 By Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 Latin America

      5. 2.4.5 Middle-East and Africa

Norway Mobile Payments Market Size FAQs

The Norway Mobile Payments Market is projected to register a CAGR of 10.10% during the forecast period (2024-2029)

Vipps , Apple Inc., Google Pay, PayPal and MCASH are the major companies operating in the Norway Mobile Payments Market.

Norway Mobile Payments Market Report Snapshots

Norway Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)