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Pulished Date February, 2020
ID: 7506
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Things You Must Know About The Denmark Cards And Payments Industry

Pulished: February, 2020
ID: 7506
Pages: 85

Denmark, with highest per capita income and the highest level of income equality in the world, stands at the 10th position of world's strongest financial markets and holds financial assets more than USD 2 trillion. The cards and payments industry of Denmark is one of the world's highly regulated and advanced industries.

Started way back in 1960, the cards and payments industry of Denmark is very strong, and banks in Denmark were among the first that introduced and invested in electronic payment services in the world. Dankort, the national debit card introduced by PBS A/S in 1983 has changed the payment structure of the country with the consumers' migrations from cash and check payments to car-based payments. Dankort and its co-badged solutions still commandeer the Danish cards and payments industry irrespective of the fierce competition from international payment cards.

Strong Regulated Framework

The cards and payments industry of Denmark is advanced among other economies due to its strict regulatory frameworks and properly maintained settlement system. The National Bank of Denmark and the Danish Competition and Consumer Authority (DCCA) govern the Ministry for Economic and Business Affairs in the industry regulations.

Increasing use of international payment cards

The use of credit cards and co-badged debit cards has increased in the cards and payments industry of Denmark since 2010, along with the number of functional cards in the market. During the review period, the economic crisis has resulted in slow growth of international payment cards, which are anticipated to grow higher in the future increasing the revenue and profits.

Dankort’s leading contribution

The increasing acceptability and protected transactions offered by Dankort has resulted in the growth of cards and payments industry in Denmark, changing the customer preference from checks and cash to card-based transactions. Almost every citizen of the country had one Dankort card, and this card is accepted at approximately 80,000 retail outlets and 13,000 online merchants in Denmark.

Government initiatives

To fulfill the requirements of changing industry trends in the card payments channel, The Ministry of Economic and Business Affairs and the DCCA have made some modifications to Denmark's laws and regulations. The changes also improved the security of the system of hierarchy offering services to international operators in the country. Structured settlement systems and improved operational efficiency have promoted the growth of Danish cards and payments industry in the rapidly changing market environment.

Increase in e-commerce and mobile commerce

Transactions through online purchases and mobile business have been increasing in the country, which will continue the same trend in the future. Payment cards are the most preferred choice of payments in e-trade and m-commerce that supplements to the growth of cards and payments industry of Denmark.

Changing preferences towards card payments

The cards and payments industry of Denmark is one of the world's advanced markets, and this was mainly attributed to the changing preferences of the customers to use payment cards for financial transactions. Multiple categories of cards for mobile recharge, gifts, retail purchases, fuel payments, travel costs, payroll and insurance cover have been in demand among the Danish customers.

Denmark Cards And Payments Industry

Denmark Cards And Payments Industry

Denmark Cards And Payments Industry

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