Norway has the most effective payment infrastructure in the world. Interesting is to see how and why, so here is a snapshot of volumes and transactions during October 2017 (figures posted at Finans Norge). Local card scheme BankAxept is used in 86% of all card purchases.
- Total card volume, 50.6 billion NOK
- Total number of card transactions, 154.8 million tx
- Volume via local scheme BankAxept, 40.7 billion NOK (80% of total volume)
- Transactions via BankAxept, 133.4 million tx (86% of total card tx’s)
- Rest of the transactions volume was via different international cards, credit cards and digital gift cards.
- Almost 60% of the BankAxept transaction volume was on purchases below 200 NOK (= €22)
My estimate is that cards in Norway stands for approx 85% of the payment transactions in the country, amazing.