A big leap forward for Norwegian payments

By Jens Nes, Country Manager Norway • Visa Europe

March 15, 2017

It is a well-known fact that Norwegians are among the keenest card users in the world. With cash levels below five percent, Norway could be moving towards being one of the first cashless countries in the world.

Last year, mobile payments accelerated fast up here in the north – with DNB’s app Vipps reaching more than two million users (in a country with five million inhabitants).

Our latest Digital Money Study showed that the number of Europeans using their mobile devices to make payments has tripled over the last year and is now at 54 percent. Last year this number was just 18 percent. However, in Norway this number is significantly higher - almost nine out of ten (87%) say they have used their mobile to pay. Only Turks and Danes have more mobile payers than us.

The Norwegian payment industry used to be slow moving, but not anymore. Consumers are shifting, so we need to adapt quickly.

Last week, Visa was main sponsor for the Betalingsformidling 2017 conference in Trondheim. Nearly 200 representatives from the Norwegian payment industry gathered to discuss topics like digitalization, security challenges, artificial intelligence, mobile payments and Blockchain.

Visa gave the audience a closer look how we through Visa Developer make it easy to integrate our APIs into applications. With Visa Direct we can enable new ways for Norwegian businesses and consumers to transfer money to over a billion approved Visa accounts worldwide. Visa Token Service helps minimise fraud by offering a secure way to enable mobile and online payments without sharing sensitive account information. And together with our global partners as well as local partners, we can constantly find solutions that improve customer experience.

The world of payments is a global one, and as part of the global Visa we are accelerating our capacity to provide competitive and innovative solutions for our clients. Therefore, I welcome Norwegians acquirers, merchants and issuers to visit us at our new Visa Innovation Centre in London. By opening up our network we can make sure that our partners in Norway stays at the top of the payment innovation pace.

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