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Learn moreNov 2019
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Pre-paid cards continued to record a positive performance in 2019, growing in number of cards in circulation, number of transactions and stronger current value growth in sales terms in 2019. Pre-paid cards are popular with various demographics in the country, including teenagers, and consumers with poor credit or insufficient revenue meaning that they are unable to own a credit card.
Closed loop pre-paid cards continued to dominate the category in terms of cards in circulation, number of transactions and value sales, while open loop pre-paid cards lagged behind due to only entering Denmark in 2016 with the latter only offering general purpose reloadable cards at the end of the review period. Closed loop pre-paid cards on the other hand are divided between transportation cards which continued to record strong growth in 2019 and merchant issued gift cards, which experienced some stagnation although they remain popular to give at Christmas, birthdays and as Confirmation presents.
Although pre-paid cards can offer consumers some sense of security as they are not linked to their bank accounts and therefore if stolen, they are less likely to ensure high losses, the anonymity of a pre-paid card can make the system particularly vulnerable to fraud, notably tax fraud, as pre-paid cards do not display a name or code and can easily be purchased at petrol stations and used to pay for a range of goods. However, the growing focus on security and avoidance of fraud following successive scandals in consumer finance towards the end of the review period, should instil a greater sense of guaranteeing payment security to the consumer.
Competition within pre-paid card issuers is intense, as all of Denmark’s largest banks offer these cards. However, Rejsekort strengthened its leadership of pre-paid cards in the number of cards in circulation in 2018, while Nets Holding strengthened its dominance of transactions due to its strength in the larger category of closed loop pre-paid cards.
Being fairly new to Denmark, open loop pre-paid cards is comprised of one dominant issuer in Danske Bank due to first-mover advantage and one large operator in Mastercard International, with smaller players holding the remaining share. While Danske lost some value share in transactions, it gained ground in the number of cards in circulation, while Mastercard International also strengthened its dominance of the number of open loop pre-paid cards in circulation in 2018.
With higher digitalisation of banking operations in the country, MySafePay is offering a more innovative approach by proposing a virtual pre-paid card in addition to its physical card in collaboration with MasterCard. This is not linked to a regular bank account, and allows consumers to limit their usage and thereby avoid overdraft fees and interest.
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Discover the latest market trends and uncover sources of future market growth for the Pre-Paid Transactions industry in Denmark with research from Euromonitor's team of in-country analysts.
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Euromonitor’s industry reports, including Pre-Paid Transactions in Denmark, originate from our database within our Consumer Finance market share and market size database
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.