Payments in Denmark 2017: What Consumers Want

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Dec 18, 2017, 21:53 ET

LONDON, Dec. 18, 2017 /PRNewswire/ -- Payments in Denmark 2017: What Consumers Want

SummaryDanish cards and payments industry is well-developed, and its consumers are prolific users of payment cards. The country has the highest frequency of use in the world, with over 200 transactions per card in 2017. As cash use continues to decline, Denmark is increasing its efforts to become a cashless society, backed by government support promoting electronic payments. Danish consumers are very comfortable with payment cards and mobile phones, with Dankort the most commonly used card scheme in the country and MobilePay leading the way in the peer-to-peer (P2P) payment space.Download the full report: https://www.reportbuyer.com/product/5251041 E-commerce posted a review-period compound annual growth rate (CAGR) of over 15% to reach over DKK115bn (about US$16.3bn) in 2017. According to PostNord's E-Commerce in the Nordics report, Denmark has the third-highest percentage of online shoppers in the Nordic region, with over 60% of consumers shopping online at least once a month in 2016. Payment cards and bank transfers remain the preferred payment methods, accounting for about 75% of e-commerce transaction value in 2017. Digital and mobile wallets account for nearly 20%.

Contactless payments are gradually growing in Denmark. The first contactless Dankort was launched in Denmark in 2015. By the end of 2016, more than half of all issued Dankort cards had the contactless feature, and contactless payments accounted for more than 15% of all Dankort payments according to the central bank. Payment providers need to educate consumers on the benefits and advantages of contactless payments, stressing the technology's ease of use and convenience compared to PIN-based cards.

The report "Payments in Denmark 2017: What Consumers Want", examines the consumer payments market in Denmark, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.

Specifically, this report -

- Analyzes consumer attitudes to financial services by lifestage.

- Analyzes the major payment card types in terms of both card holding and usage.

- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.

- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Denmark are deploying these tools to meet customer needs.

- Explores the online payment market in Denmark by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.

Companies mentioned in this report:Danske Bank, Nordea, Jyske Bank, Sydbank, ArbejdernesLandsbank, Nykredit, SEB, Alm. Brand Bank, BankNordik, Basisbank, The Jutland Sparekasse, Djurslands Bank, Spar Nord Bank, Vestjysk Bank, Møns Bank, Dankort, Visa, Mastercard, Diners Club

Scope

- In 2016, a statutory provision mandated that all Danish consumers must have access to payments using payment cards, including online payments. This is part of the Payment Accounts Act, based on EU Directive 2014/92/EU (PAD).

- AThe Danish debit card market is dominated by Dankort, which accounts for 76.3% of total debit card transaction value in 2017. International scheme providers MasterCard and Visa have a small-but-growing presence in the market.

- Contactless card technology in Denmark is growing in popularity. While the user experience stands to improve once contactless-enabled terminals become more widely available, payment providers need to educate consumers on the benefits and advantages of contactless, stressing its ease of use and convenience compared to PIN-based cards.

Reasons to buy- Understand the key facts and figures in the consumer payments market in Denmark.- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.- Find out what products the major competitors are launching in the market.- Discover consumer sentiments towards various payment tools in the Danish market and use this knowledge to inform product design.

Download the full report: https://www.reportbuyer.com/product/5251041

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