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Learn moreNov 2020
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Overall consumer expenditure in Denmark has been negatively impacted by the COVID-19 outbreak and consequent widespread decline in demand for services, tourism and foodservice throughout the country. Consumer payments were already shifting away from cash before the pandemic, in line with ongoing technological development and rising demand for convenience.
On 14 March, the Danish Government closed the country’s borders and imposed public transport restrictions, including compulsory seat reservations for long distance and regional trains, with passenger capacity falling by 80%. On 18 March, the authorities closed shopping centres, other than for access to pharmacies and grocery retailers.
The COVID-19 pandemic and comprehensive lockdown measures resulted in plummeting consumer confidence, with the Danish economy contracting significantly. In response, the government launched a number of financial support programmes to minimise the financial impact on both businesses and consumers.
Debit cards remain by far the most popular financial card payment format in Denmark. Nevertheless, leading players Danske Bank, Nordea Bank and Sydbank are struggling to maintain market share in terms of both transactions and cards in circulation as a result of the impact of growing competition from the increasing number of smaller players entering the category.
The shift away from cash will continue to accelerate in Denmark over the forecast period, with debit cards expected to benefit most of all from this trend. Consequently, as the economy recovers from the impact of COVID-19 and life gradually returns to normal, financial cards is expected to post continued and stable growth over the forecast period at the expense of cash payments in terms of number of cards, transactions and total value.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Denmark with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Denmark, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Denmark market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Denmark, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.