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Norway POS Terminals Market Size (2024 - 2029)

The Norway POS Terminals Market is experiencing significant growth, driven by the widespread adoption of payment cards and electronic transactions. The market size is expanding as consumers increasingly favor debit cards, supported by cost-effective models like BankAxept, which facilitate lower transaction fees for merchants. Government investments in cashless infrastructure and the popularity of contactless payments further contribute to the market's expansion. Despite a stable use of cash, the trend towards digital payments at POS terminals continues to rise, reflecting a shift in consumer behavior and payment preferences.

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Market Size of Norway POS Terminals Industry

Norway POS Terminal Market
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

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*Disclaimer: Major Players sorted in no particular order

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.

Norway POS Terminals Industry Segmentation

The Norway POS Terminal market covers the number of terminals sold in a particular year. The report covers the demand for Fixed POS terminals including devices such as PC-based workstations, namely PC-class Processor-based and LAN available terminals. Also, PC on Cash Drawer Devices (PCOCD) and self-checkout (unattended terminals) are part of the scope.

Mobile/Portable devices such as tablets of all sizes and handheld terminals with or without payment processing capabilities are considered. Devices are considered with or without credit/debit readers. The study also analyzes the impact of Covid-19 on market.

By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-User Industry
Retail
Hospitality
Healthcare
Others
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Norway POS Terminals Market Size Summary

The Norway POS terminals market is experiencing significant growth, driven by the increasing adoption of electronic payments and the widespread use of payment cards. The Norwegian population is highly comfortable with both in-store and online transactions, with debit cards and BankAxept playing a central role in the payment landscape. The government's investment in cashless transaction infrastructure has further bolstered the shift towards electronic payments, with contactless card usage seeing substantial growth. The BankAxept zero-interchange-fee model has facilitated the widespread acceptance of debit cards at POS terminals, enabling cost-effective transactions for merchants. Despite the decline in cash usage, the demand for fixed POS terminals is on the rise, particularly in the retail and healthcare sectors, as the economy stabilizes and consumers increasingly prefer card payments.

The market is moderately competitive, with major players dominating the landscape and offering value-added services to attract consumers. Companies like iZettle and Nets are innovating with mobile POS systems, providing flexible and secure solutions for merchants. The expansion of the retail sector is expected to drive further growth in POS terminal numbers, as retailers seek modern systems without incurring high costs. Strategic partnerships and acquisitions, such as Confirma Software's acquisition of Nutid AB, are enhancing the range of cloud-based POS solutions available. Additionally, international collaborations, like UnionPay's agreement with Nets, are expanding contactless payment acceptance across the Nordic region, further strengthening the market's growth trajectory.

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Norway POS Terminals 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 Assessment of COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Fixed Point-of-sale Systems

      2. 2.1.2 Mobile/Portable Point-of-sale Systems

    2. 2.2 By End-User Industry

      1. 2.2.1 Retail

      2. 2.2.2 Hospitality

      3. 2.2.3 Healthcare

      4. 2.2.4 Others

Norway POS Terminals Market Size FAQs

The Norway POS Terminals Market is projected to register a CAGR of 10.86% during the forecast period (2024-2029)

Zettle, Nayax, NETS Pte Ltd., Paylobby and Front Systems are the major companies operating in the Norway POS Terminals Market.

Norway POS Terminals Report Snapshots

Norway POS Terminals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)